Retail Guru Sozzi Changing His Tune on J.C. Penney

On Tuesday, retail guru Brian Sozzi shared his thoughts on J.C. Penney

JCP

. Sozzi has been a J.C. Penney bear for a long time, even

doubting the company following fourth quarter results,

but now it seems he is switching sides. In a

, Sozzi admits he has become “more positive on the stock after a weekend of soul searching and store walking.” He goes on to list why investors have rushed to buy shares:

Magnitude of markdowns by department has leveled off.
Growing perception that the company will turn nicely profitable by holiday season this year.
Receding risk J.C. Penney will need to raise additional capital.

In additional to Sozzi's bullish comments, traders in J.C. Penney are also responding to an upgrade from this morning.

Citigroup upgraded the stock

from Neutral to Buy and raised the price target from $7.50 to $11. Shares of J.C. Penney are up 4.75 percent to $8.82 during Tuesday's session. Shares are up 48 percent since February 3rd.

Market News and Data brought to you by Benzinga APIs

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Retail Guru Sozzi Changing His Tune on J.C. Penney