UPDATE: Piper Jaffray Cuts PT to $16 on J. C. Penney Following Bleak Q4 Results

Piper Jaffray maintained J. C. Penney

with a Neutral rating and lowered the price target from $17.00 to $16.00. Piper Jaffray commented, "We remain cautiously optimistic that a meaningful turnaround in sales is possible in 2H13 if an expanded lineup of shops can drive traffic increases, but should revenue growth be slower to materialize, JCP will likely require a capital infusion to fund its capital expenditures in 2014 and 2015. We are lowering our price target from $17 to $16 and continue to remain on the sidelines in view of JCP's deteriorating financial condition and our expectation of negative free cash flow for the foreseeable future." J. C. Penney closed at $21.16 on Wednesday.