Nomura Securities Maintains a 'Neutral' on J. C. Penney (JCP); There Goes Another One
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Price: $18.98 -2.11%
Rating Summary:
5 Buy, 13 Hold, 6 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
Rating Summary:
5 Buy, 13 Hold, 6 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
Trade JCP Now!
Nomura Securities maintains a 'Neutral' on J. C. Penney (NYSE: JCP) price target of $26.00 (from $30.00).
Analyst, Paul Lejuez, said, "JCP announced that President Michael Francis will be leaving the company effective immediately. The company provided no reason for his departure. Mr. Francis was a key contributor to JCP’s new strategy and played a large part in the initial presentation of the plan to investors (in Jan). The departure of Francis does not help build confidence that the grand turnaround plan envisioned in Jan will materialize. Lowering our PT from $30 to $26 (5.5x our F13E EBITDA) based on lack of near-term catalysts and reduced visibility."
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 $24.33 yesterday, with a 52 week range of $23.14-$43.18.
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Analyst, Paul Lejuez, said, "JCP announced that President Michael Francis will be leaving the company effective immediately. The company provided no reason for his departure. Mr. Francis was a key contributor to JCP’s new strategy and played a large part in the initial presentation of the plan to investors (in Jan). The departure of Francis does not help build confidence that the grand turnaround plan envisioned in Jan will materialize. Lowering our PT from $30 to $26 (5.5x our F13E EBITDA) based on lack of near-term catalysts and reduced visibility."
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 $24.33 yesterday, with a 52 week range of $23.14-$43.18.
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