JC Penney Climbs Back Over $9

Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.

J C Penney Company Inc JCP shares were trading higher by $0.26 (2.6 percent) at $9.20 in Monday's session. The catalyst for the rally is an upgrade by Deutsche Bank from Hold to Buy and hike in its price target from $10 to $12.

After a higher open, the issue peaked at $9.30, which is a very familiar area. Since early April, it has made multiple visits into the $9 handle, with the peak coming on April 14 at $9.50. However, on each of those occasions it was back under $9 the same day or within a few trading trading sessions.

JC Penney has rallied nearly 30 percent since it bottomed at $7.21 last Monday. It will be attempting to post its first close over $9 since July 15, when it ended the session at $9.10.