Piper Jaffray Remains Bullish on J.C. Penney (JCP); Reiterates $18 Price Target

Piper Jaffray maintained an Overweight rating and $18.00 price target on J.C. Penney (NYSE: JCP). Having arrived from HD, Mr. Ellison in his role as EVP of U.S. Stores helped to contribute a variety of success factors.

Analyst Neely Tamminga commented, "We are reiterating JCP as a top pick for 2016 along with our $18 price target. Our enthusiasm for investors taking a position in JCP stems from our confidence in Marvin Ellison’s leadership. And that’s where we start in laying out our case for JCP shares in 2016 in the pages that follow in the belief that human capital leads financial capital in the long run. Beyond leadership, we will size up JCP’s opportunity and many paths to $1.2B + in EBITDA by 2017/FY18, offer our constructive view on the recent announcement for the company to return to selling appliances, and republish our proprietary insights from our semi-annual survey of women taken this fall that clearly points to momentum in recovering mindshare at J.C. Penney. Bigger picture, we believe JCP is reclaiming oncelost market share and rebuilding to profitability under new leadership."

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 $7.46 yesterday.

You May Also Be Interested In

• First Cash Financial (FCFS) PT Lowered to $140 at TD Cowen
• CONMED (CNMD) PT Lowered to $95 at Piper Sandler
• SEI Investments (SEIC) PT Lowered to $69 at Piper Sandler