UPDATE: Morgan Stanley Reduces PT to $22 on JC Penney on Worsening Price Perception Survey

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Morgan Stanley reiterates its Underweight rating on JC Penney (NYSE: JCP) and reduces its price target from $23 to $22. Morgan Stanley says, "Our survey challenges the consensus view that JCP's comps will improve in '12. First, consumers' perception of new pricing strategy is much worse than feared. Second, JCP has yet to lose its “core” consumer but is at risk of doing so as it upscales merch. We remain UW and lower PT from $23 to $22." JCP closed at $23.71 on Wednesday.

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