UPDATE: Piper Jaffray Cuts PT to $16 on J. C. Penney Following Bleak Q4 Results

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Piper Jaffray maintained J. C. Penney (NYSE: JCP) with a Neutral rating and lowered the price target from $17.00 to $16.00.Piper Jaffray commented, "We remain cautiously optimistic that a meaningful turnaround in sales is possible in 2H13 if an expanded lineup of shops can drive traffic increases, but should revenue growth be slower to materialize, JCP will likely require a capital infusion to fund its capital expenditures in 2014 and 2015. We are lowering our price target from $17 to $16 and continue to remain on the sidelines in view of JCP's deteriorating financial condition and our expectation of negative free cash flow for the foreseeable future."J. C. Penney closed at $21.16 on Wednesday.

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