JP Morgan Sees J.C. Penny Returning to Growth in Comps by July, Maintains Neutral, $18 Target
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
Date | Firm | Action | From | To |
---|---|---|---|---|
Nov 2019 | B. Riley FBR | Maintains | Neutral | |
Mar 2019 | B. Riley FBR | Maintains | Neutral | Neutral |
Dec 2018 | Citigroup | Initiates Coverage On | Underweight |
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Posted-In: Analyst Color Price Target Analyst Ratings