UPDATE: Gilford Securities Upgrades J.C. Penney Company to Buy as Ullman Takes CEO Position

In a report published Monday, Gilford Securities analyst Bernard Sosnick upgraded the rating on J.C. Penney Company

from Neutral to Buy. In the report, Sosnick noted, “This speculative situation, we believe, is at an inflection point, moving from danger to a more secure foundation to build upon. We believe Mike Ullman is the correct choice as CEO because of his ability to take practical steps to improve operating results. Appreciation for the stock price, to perhaps to $20-$25 on a reflex rally, seems likely to us.” J.C. Penney Company closed on Friday at $15.25.