JC Penney Downgraded to Sell as Citi Sees 'No Evidence of a Turnaround in the Works'

Citi earlier downgraded JC Penney

shares from Neutral to Sell and lowered the stock's price target from $20 to $11. Analyst Deborah Weinswig stated "we see no evidence of a turnaround in the works," and pushed the timeline for recovery back to 2014. Weinswig believes JC Penney has not been realistic in its expectations for a turnaround without a solid recovery plan in place or the backing of a full management team. Quick fixes including the reintroduction of coupons has failed to generate stronger sales and stabilize the company, according to Weinswig. JCP shares are up slightly after yesterday's 10 percent drop. The stock lasta traded at $14.85.