UPDATE: Belus Capital Advisors Upgrades J.C. Penney Company to Hold, Reiterates $9 PT Because You Only Live Once

In a report published Thursday, Belus Capital Advisors analyst Brian Sozzi upgraded the rating on

from Sell to Hold, and reiterated the $9.00 price target. In the report, Belus Capital Advisors noted, “Where does this shift in stance stem from? Great question. Not so much takeaways from our discussion with JC Penney last week as we left concerned on the pace of quarter to date sales due to the missing arrival of spring across the country (and subsequent pick up in promotional intensity) and likely continued weak traffic in the reset home department. On the contrary, we think when weather has been cooperative throughout the U.S in the first quarter, JC Penney is sucking in a good bit of mall traffic via a combination of effective promotional messaging (we are seeing more consistent promotions in the store, not intra-quarter spikes in worrying “% off signs” as was evident during the holidays), better in stocks on name brand merchandise and basics, and stores that are finally cohesive in terms of layout (home department finagling has concluded).” J.C. Penney Company closed on Wednesday at $8.82.