- J C Penney Company Inc (NYSE: JCP) shares are down 24 percent since October 9.
- B. Riley analysts maintained a Buy rating for the company, with a price target of $12.50.
- The company is among the “more attractive turnaround stories” in retail, the analysts stated.
JC Penney announced 3.9 percent comps for the 9-week November and December period, backed by a strong ecommerce performance. The company reaffirmed its EBITDA guidance for FY15 at $645MM. This implies with positive free cash flow in FY15, as compared to breakeven guidance provided earlier.
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.
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!
“JCP noted the strength of its ecom/omni business as a driver for Holiday, which we believe was a critical component to success during the period, in light of the broader shift to digital that we perceived,” the analysts wrote.
Despite the company noting headwinds in apparel, due to weather conditions, the initiatives taken during 2015 enabled JC Penney to outperform peers and gain market share during the period, while also generating EBITDA in line with guidance.
“We would argue that this was a feat for this particular season. Finally, with execution tracking well, we continue to feel that JCP is one of the more attractive turnaround stories in retail. With the stock well off its recent highs, we are buyers,” the B. Riley report noted.
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.