Cowen Positive on JCPenney's (JCP) Q2; Awaits Analyst Day Next Week
- Donald Trump Sworn in as 45th U.S. President
- Wall Street ends higher as Trump becomes president
- Walgreens Boots Alliance (WBA) Said to Face Antitrust Concern for Rite Aid (RAD) Fix - Bloomberg
- Bristol-Myers Squibb (BMY) Says It Won't Pursue Accelerated U.S. Regulatory Pathway for Opdivo Plus Yervoy in Lung Cancer
- Apple (AAPL) Sues Qualcomm (QCOM) Over Patent Royalties in Antitrust Case - Bloomberg
Get the Pulse of the Market with StreetInsider.com's Pulse Picks. Get your Free Trial here.
Cowen and Company affirms JCPenney (NYSE: JCP) with a Market Perform rating and $10 price target following Q2 results.
Analyst Oliver Chen commented,
We were encouraged that JCP delivered positive comps of +2.2% & beat 2Q EBITDA expectations, but the heavy lifting to hit FY16 EBITDA guidance of $1B is still ahead given tougher comp comparisons and an estimated ~40-45% of EBITDA will be generated in 4Q. We like the CEO's strategic direction, but maintain Market Perform.
On next week's analyst day:
JCP last held an analyst day in October 2014 and provided a strategic path to achieve $1.2 billion in EBITDA by 2017. We expect the analyst day in Dallas next week will provide more details on the sales, GM, and SG&A drivers behind achieving the $1.2 billion in EBITDA in 2017. In addition, we expect JCP to provide an extended outlook for the next 2-3 years likely identifying the total sales opportunities from adding appliances, incremental Sephora shop-in-shops, and from advances in omni-channel.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Bassett Furniture (BSET) PT Raised to $28 at Stifel Following 4Q EPS Beat
- UPDATE: SunTrust Robinson Humphrey Downgrades Health Care REIT (HCN) to Hold
- Union Pacific (UNP) PT Raised to $102 at Stifel Following 4Q Report
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS View
Related EntitiesCowen & Co
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!