Maxim Swings from Bear to Bull on JC Penney, Upgrades to Buy

Maxim's Rick Snyder changed his investment rating on JC Penney

from Hold to Buy earlier Monday. The analyst adjusted his price target from $16.50 to $27. The upgrade marks a drastic change in Snyder's JC Penney opinion on JC Penney over the last month. As recently as April 23rd, Snyder had a Sell rating and $10 price target on shares of JC Penney. Snyder cited positive store traffic results and management's decision to bring back prior pricing policies and coupons. The analyst also liked the fact that CEO Mike Ullman has worked to bring back important private labels such as St. John's Bay. With JC Penney shares closing up nearly 5 percent to around $18.86 Monday afternoon, Maxim's new price target implies potential upside of about 43 percent.