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B. Riley’s Jeff Van Sinderen mentioned that industry checks indicate there have been increased headwind for seasonal apparel categories during September, possibly exacerbated by the warm weather.
Van Sinderen maintained a Buy rating on J C Penney Company Inc (NYSE: JCP), with a price target of $16.
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September Headwinds
“We also suspect that an increased level of consumer distraction/uneasiness around recent shootings/political demonstrations and generalized distraction around the upcoming Presidential election are having an impact on the JCP customer,” the analyst explained.
Van Sinderen believes that JC Penney would need a recovery in comp trends in October to be able to hit the consensus comp forecast of 3.1 percent for Q3.
However, if the Q3 comp is soft, the company would need to achieve 4-5 percent comp in Q4 to be able to meet if targets for H2.
Guidance Concerns
“Center core refreshes, appliances, window treatments, flooring, Boutique+ and 60 new Sephora stores represent comp drivers, especially for Q4, but without a sharp acceleration in trend, the company’s guidance of a 3‐4 percent comp for the FY could prove to be aggressive,” the analyst stated.
However, Van Sinderen pointed out that while the stock continued to be highly speculative and positive comps were needed for a turnaround, JC Penney’s longer term potential remained unchanged.
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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.