In a report released Thursday morning, analyst Neely Tamminga of Piper Jaffray upgrades J.C. Penney JCP to Overweight from Neutral, maintaining price target of $11.
Piper Jaffray states that JCP is on the right recovery track, "We believe the real message in yesterday's release is being missed: JCP is doing what they said they would do, and we believe any retailer reiterating their guidance following this compressed, promotional, mall-traffic-starved holiday season is a winner in our book"
Tamminga highlighted catalysts for the upgrade that included restored promo pricing, conversion rate of traffic into transactions, and increased E-commerce sales.
JCP closed Wednesday at $7.37 and currently trading up over 4% at $7.74.
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