Market Overview

UPDATE: Piper Jaffray Reiterates Neutral Rating, Lowers PT on J.C. Penney Company

Share:
Related JCP
Benzinga's Bulls And Bears For The Past Week: Retail And Technology
Retail's Last Hope: Store Credit Card Profits?

In a report published Monday, Piper Jaffray & Co. reiterated its Neutral rating on J.C. Penney Company (NYSE: JCP), but lowered its price target from $25.00 to $20.00.

Piper Jaffray noted, “We remain cautious on Neutral-rated JCP on the heels of a disappointing third quarter in which same-store sales were down 26.1%. Encouraging metrics for the new shops support our continued belief that the "new JCP" could potentially generate significant profitability longer-term, however the severe magnitude of JCP's short-term weakness is putting greater stress on the balance sheet than we had previously anticipated. Given the substantial capital requirements associated with JCP's merchandising transformation, we believe JCP will likely need to draw on its revolver at some point in 2013.”

J.C. Penney Company closed on Friday at $20.64.

Latest Ratings for JCP

DateFirmActionFromTo
May 2017BairdDowngradesOutperformNeutral
May 2017Deutsche BankDowngradesBuyHold
May 2017Gordon HaskettInitiates Coverage OnReduce

View More Analyst Ratings for JCP
View the Latest Analyst Ratings

Posted-In: Piper Jaffray & Co.Analyst Color Price Target Analyst Ratings

 

Related Articles (JCP)

View Comments and Join the Discussion!