Piper Jaffray Says J.C. Penney Turnaround Is 'Very Much Under Way'

Piper Jaffray analyst Neely J.N. Tamminga believes J.C. Penney JCP is on track to regain as much as $3 billion of the $6 billion in revenue it lost under the leadership of former CEO Ron Johnson.

To support this claim, Tamminga pointed to a decline in clearance sales, the home department opening for business and the restoration of private brands.

Following the note, shares of J.C. Penney are up ~1 percent.