J C Penney Company Inc (NYSE: JCP) was moving substantially higher Tuesday morning after Piper Jaffray upped its price target to $14 – a $1 increase and 78 percent premium to Monday's closing price.
One of the keys to better performance, the note said, will be children's apparel. Children's apparel revenue significantly declined from $2.07 billion in 2011 to $1.23 billion in 2014. Modeling that channel against women's and men's apparel that have seen revenues return to 2011 levels, Piper Jaffray said it expects children's apparel to follow suit.
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Anecdotally, the firm also noted that children are highlighted on the cover of JC Penney's Easter circular, evidence that the company is also focusing on the segment. The company has also redesigned its children's section to move away from highlighting brands to making it easy for parents to shop by size and style – moves that will help children's apparel to "catch the spotlight this Easter season."
Shares of JC Penney recently traded at $8.16, up more than 4 percent.