UPDATE: Citi Reiterates Neutral Rating on JC Penney Co Inc Citing Management Shakeup

In a report published on Wednesday, Citi analyst Deborah L Weinswig Reiterated JC Penney Co Inc JCP at Neutral. In the report, Citi noted, "Paul Rutenis, SVP and GMM of Home, has left the company. He led the launch of the company's new home department, which we believe has so far failed to drive traffic and re-engage core customers. JCP will also not renew its contracts with marketing consultants Sergio Zyman and Jeff Herbert, which expire this month.We believe these changes highlight the topline challenges at the company, and we see downside risk to 2Q13 SSS and margins as a result". JC Penney closed on Tuesday at $16.10.