UPDATE: Imperial Capital Lowers PT on JC Penney on Increasing Concerns
In a report published Monday, Imperial Capital analyst Mary Ross-Gilbert reiterated an Underperform rating on J.C. Penney Company (NYSE: JCP), but lowered the price target from $5.00 to $1.00.
In the report, Imperial Capital noted, “We are maintaining our Underperform rating on the shares, but we are lowering our one-year price target to $1 from $5. Our new $1 price target is based on the notional ‘option' value of the shares, given our increasing concerns the company may engage in a financial restructuring in 2014.”
J.C. Penney Company closed on Friday at $7.00.
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