UPDATE: BMO Capital Markets Reiterates Market Perform Rating, Lowers PT on J.C. Penney Company

In a report published Monday, BMO Capital Markets reiterated its Market Perform rating on J.C. Penney Company

, but lowered its price target from $25.00 to $18.00. BMO Capital noted, “We significantly cut our FY2012 GAAP EPS estimate to a loss of $1.52, which compares with our prior estimate of a loss $0.88. On a non-GAAP basis and before pension expense, we estimate FY2012 EPS estimate at a loss of $0.92 compared with our prior profit estimate of $0.17. Including pension expense, our FY2012 continuing estimate now calls for a loss of $1.48. We reduced our FY2013 GAAP EPS estimate from $1.00 to $0.01, or to $0.25 on a non-GAAP basis.” J.C. Penney Company closed on Friday at $20.64.