Skip to main content

Market Overview

JP Morgan Sees J.C. Penny Returning to Growth in Comps by July, Maintains Neutral, $18 Target

Share:

According to JP Morgan analyst Matthew Boss, J.C. Penny (NYSE: JCP) could see third-quarter comparable-store sales grow in the mid-single digits range and fourth-quarter comps grow in the low-double digits range.

Boss cited a strong revamp of JC Penney's home goods section, “meaningfully improved” traffic levels, and more “normalized” inventory levels ahead of heightened back-to-school demand as drivers for the estimates.

The JP Morgan analyst also noted Dillard's (NYSE: DDS) is not likely benefiting from the recent trouble JC Penney has been going through.

Boss maintains a Neutral rating and $18 price target on shares of JC Penney.

JCP spiked from $17.88 to $18.28 at noon following the note. Currently up 2.36% from the open to $18.18 at last check.

Latest Ratings for JCP

DateFirmActionFromTo
Nov 2019B. Riley FBRMaintainsNeutral
Mar 2019B. Riley FBRMaintainsNeutralNeutral
Dec 2018CitigroupInitiates Coverage OnUnderweight

View More Analyst Ratings for JCP
View the Latest Analyst Ratings

 

Related Articles (JCP)

View Comments and Join the Discussion!

Posted-In: Analyst Color Price Target Analyst Ratings

Latest Ratings

StockFirmActionPT
GIKColliers SecuritiesInitiates Coverage On14.0
SANWLake StreetInitiates Coverage On6.0
LILAMorgan StanleyDowngrades15.0
BEJP MorganUpgrades36.0
NEXACredit SuisseUpgrades11.0
View the Latest Analytics Ratings
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
SPAC
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com