UPDATE: Gilford Securities Upgrades J. C. Penney (JCP) to Buy

April 22, 2013 9:38 AM EDT
Get Alerts JCP Hot Sheet
Price: $6.96 +2.96%

Rating Summary:
    12 Buy, 15 Hold, 7 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 35 | Down: 31 | New: 9
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(Updated - April 22, 2013 10:46 AM EDT)

Less than a month after upgraded the stock from Sell to Neutral, Gilford Securities analyst Bernard Sosnick has taken his rating on to J. C. Penney (NYSE: JCP) to Buy. Sosnick believes the company is at an inflection point and foresees a reflex rally that could take the stock to $25 per share, as the retailer moves from a dangerous to a more secure foundation.

Sosnick also believes Mike Ullman is the right choice as CEO, and he doesn't think Ullman would have assumed the position if he doubted J.C. Penney could handle its financial obligations.

Long-term financing will ultimately replace short term debt at J.C. Penney and equity dilution of 10 percent or more would be acceptable for "insurance," thinks the analyst.

For an analyst ratings summary and ratings history on J. C. Penney (NYSE: JCP) click here. For more ratings news on J. C. Penney click here.

Shares of J. C. Penney closed at $15.26 yesterday.

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