UPDATE: Imperial Capital Lowers PT on JC Penney on Increasing Concerns

In a report published Monday, Imperial Capital analyst Mary Ross-Gilbert reiterated an Underperform rating on

, but lowered the price target from $5.00 to $1.00. In the report, Imperial Capital noted, “We are maintaining our Underperform rating on the shares, but we are lowering our one-year price target to $1 from $5. Our new $1 price target is based on the notional ‘option' value of the shares, given our increasing concerns the company may engage in a financial restructuring in 2014.” J.C. Penney Company closed on Friday at $7.00.