Bill Ackman at Ira Sohn: Still Bullish on J.C. Penney

Hedge fund manager Bill Ackman spoke at the Ira Sohn Investment Conference on Wednesday after the market close. The Pershing Square founder said that he is still bullish on shares of J.C. Penney

, a company in which his fund has a large stake. He called the investment idea "contrarian" as the stock has been getting pummeled recently. On Wednesday, JCP shares lost nearly 20% after the company reported disappointing first-quarter results and suspended its dividend. Year-to-date, JCP has now lost around 24%. Ackman also talked about the appointment of former Apple exec Ron Johnson as CEO of J.C. Penney. He said that he thinks Johnson thought JCP was the best turnaround story that he could participate in. He also praised the CEO's new ideas in transforming the brand by focusing less on promotional activity and coupons in favor of more straightforward pricing. Ackman added that JCP is a well-known brand and is not fundamentally broken. In fact, the noted investor thinks JCP could earn $6.00 per share by 2015 and that the stock could trade as high as $77.00 to $125.00. On Wednesday, JCP closed the session at $26.75.