Retail Analyst Sozzi Calls J.C. Penney 'Value Trap'
Benzinga Pro Audio this morning talked J.C. Penney (NYSE: JCP) with NBG's retail wiz Brian Sozzi. J.C. Penney earlier reported a very large Q3 loss and missed on the top line -- and investors are not taking it well. The stock is currently down about 6%.
Sozzi's tone on J.C. Penney was very bearish. When asked if J.C. Penney is turning into a value play, Sozzi retorted with, "It's becoming a value trap..." He is also growing concerned with investors continuing to trust former Apple retail head Ron Johnson.
Shares of J.C. Penney had been down around 6% ahead of the Benzinga Pro Audio interview but quickly fell another 4% following Sozzi's negative comments.
Latest Ratings for JCP
|Feb 2017||Morgan Stanley||Upgrades||Underweight||Equal-Weight|
|Feb 2017||Susquehanna||Initiates Coverage On||Positive|
|Jan 2017||Credit Suisse||Downgrades||Neutral||Underperform|
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.