Morgan Stanley Sees Further Downside in J. C. Penney (JCP)

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Shares of J. C. Penney (NYSE: JCP) are lower Tuesday following cautious comments from analysts at Morgan Stanley. The firm reiterated its Underweight rating and $15 price target and said they see further downside risk to the Street's FY13 sales and margin expectations.

The firm sees continued multiple compression driven by: i) market share losses, ii) lower quality EPS composition, iii) reduced earnings growth expectations, and iv) cash flow concerns.

The next catalyst for the stock will be 4Q earnings.

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 are down 1.4 to $19.25.

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