UPDATE: 4% Boost for J.C. Penney After Piper Jaffray Upgrades on Potential

In a report released Thursday morning, analyst Neely Tamminga of Piper Jaffray upgrades

to Overweight from Neutral, maintaining price target of $11. Piper Jaffray states that JCP is on the right recovery track, "We believe the real message in yesterday's release is being missed: JCP is doing what they said they would do, and we believe any retailer reiterating their guidance following this compressed, promotional, mall-traffic-starved holiday season is a winner in our book" Tamminga highlighted catalysts for the upgrade that included restored promo pricing, conversion rate of traffic into transactions, and increased E-commerce sales. JCP closed Wednesday at $7.37 and currently trading up over 4% at $7.74.