Barclays Maintains an 'Equalweight' on J. C. Penney (JCP); Slashing PT on Disappointing Results

May 23, 2012 12:23 PM EDT
Get Alerts JCP Hot Sheet
Price: $6.69 -1.76%

Rating Summary:
    12 Buy, 14 Hold, 8 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 23 | Down: 34 | New: 34
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Barclays maintains an 'Equalweight' on J. C. Penney (NYSE: JCP) price target cut from $45 to $30.

Analyst, Robert S. Drbul, said, "We believe the stock is currently pricing in the company's planned SG&A cost savings and that incremental upside will come from the execution of its new retail strategy, which we expect to remain challenged in the near term as J.C. Penney continues to work to re-educate the consumer about its new pricing strategy...We expect full year 2012 gross margin to be roughly flat with last year at 36.0% with a significant benefit to 4Q compares."

Barclays lowers FY13 EPS estimate from $2.65 to $2.35.

For an analyst ratings summary and ratings history on J. C. Penney click here. For more ratings news on J. C. Penney click here.

Shares of J. C. Penney closed at $26.46 yesterday.

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