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J C Penney Company Inc (NYSE: JCP) closed up 20.27 percent on Wednesday, after the company provided a preliminary update Tuesday on its performance for the combined nine-week November and December period. The company reported comparable store sales growth of 3.7 percent year-over-year.
Deutsche Bank analyst Paul Trussell raised his price target to $9 from a previous $8.
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J C Penney's stock has been characterized for being quite volatile over the years. Here is a look at other double-digit return days over past year.
May 16, 2014
Between May 15 -- when the stock closed at $8.37 per share -- and May 16, the price inched more than 16 percent, after the company reported smaller-than-expected losses. Following this spike, the stock continued to rise until late September. After surpassing $11 per share, it began to fall and plunged to prices barely above $7 in early October.
February 27, 2014
On February 27, the stock gained more than 25 percent, closing at $7.47, up from $5.96 on February 26. The stock continued to climb in the following days to prices just shy of $9 and was pretty much flat in the months that followed, except for a few days in April, when it fell to $7.25 before recuperating.
Where Is The Stock Going?
Trussell sees the stock going up to $9 per share over the next 12 months. However, he "maintained a Hold rating due to same-store sales likely slowing in 2015, tough compares ahead and no indication of the company taking steps to monetize real-estate assets in the near–term."
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.