Nomura Securities Maintains a 'Neutral' on J. C. Penney (JCP); Temporary Stop on Martha Stewart
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Price: $18.01 -4.15%
Rating Summary:
4 Buy, 14 Hold, 6 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Rating Summary:
4 Buy, 14 Hold, 6 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
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Nomura Securities maintains a 'Neutral' on J. C. Penney (NYSE: JCP) price target of $26.00.
Analyst, Paul Lejuez, said, "On Friday the New York Supreme Court called for a temporary stop to plans for JCP to sell Martha Stewart branded items within certain categories at JCP. The court’s action is not final, but this means an increased likelihood that JCP will not be allowed to carry these items until the exclusivity agreements expire in 2018. JCP would still be allowed to sell products not covered under the M agreement but with many home categories covered under the Macy’s (NYSE: M) exclusivity agreement, and several others under a similar agreement with Home Depot (NYSE: HD), we wonder what is left to sell at JCP. With an onslaught of disappointments at JCP, Martha Stewart has remained key to Ron Johnson’s transformational plan for JCP, set to have one of the larger shop in shops within the home category. Although we have never had a Buy on the stock, we still want to see at least a few wins during the transformation."
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 $20.02 yesterday, with a 52 week range of $19.43-$43.18.
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Analyst, Paul Lejuez, said, "On Friday the New York Supreme Court called for a temporary stop to plans for JCP to sell Martha Stewart branded items within certain categories at JCP. The court’s action is not final, but this means an increased likelihood that JCP will not be allowed to carry these items until the exclusivity agreements expire in 2018. JCP would still be allowed to sell products not covered under the M agreement but with many home categories covered under the Macy’s (NYSE: M) exclusivity agreement, and several others under a similar agreement with Home Depot (NYSE: HD), we wonder what is left to sell at JCP. With an onslaught of disappointments at JCP, Martha Stewart has remained key to Ron Johnson’s transformational plan for JCP, set to have one of the larger shop in shops within the home category. Although we have never had a Buy on the stock, we still want to see at least a few wins during the transformation."
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 $20.02 yesterday, with a 52 week range of $19.43-$43.18.
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