UPDATE: Morgan Stanley Reiterates On J.C. Penney Company On Mixed Factors

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In a report published Friday, Morgan Stanley analyst Kimberly C. Greenberger reiterated an Underweight rating on

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J.C. Penney Company

(NYSE: JCP), but removed the $4.00 price target.In the report, Morgan Stanley noted, “JCP 1Q loss better than feared: 6.2% comps handily beat 3.8% consensus and 4% MSe. Sales improved sequentially in the quarter and positive traffic y/y in April – the first time in 30 months – was encouraging. 33.1% gross margin missed consensus by 10 bps but expense was once again well controlled and SG&A dollars fell $69M, or 6.4% y/y.”J.C. Penney Company closed on Thursday at $8.37.