UPDATE: Piper Jaffray Lowers Price Target on J.C. Penney to $29

According to Piper Jaffray, J.C. Penney

price target is lowered to $29. Piper Jaffray said that on Thursday JCP announced September comps declined 0.6% and reduced FQ3 guidance to reflect weaker than expected sales during the first two months of the quarter. “As such, we have reduced our FQ3 EPS from $0.18, including $0.05 of charges, to ($0.10) including $0.22 of charges. We have also reduced our price target from $30 to $29 given our reduction in EPS estimates.” J.C. Penney closed yesterday at $28.42.