Barclays Starts J. C. Penney (JCP) at Equalweight; Review of 3Q11
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Price: $19.39 --0%
Rating Summary:
5 Buy, 13 Hold, 6 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 10 | Down: 12 | New: 13
Rating Summary:
5 Buy, 13 Hold, 6 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 10 | Down: 12 | New: 13
Trade JCP Now!
Barclays initiates coverage on J. C. Penney (NYSE: JCP) with an Equalweight. PT $40.00.
Barclays analyst says, "JCP reported 3Q11 EPS of $0.11, excluding restructuring costs of $(0.78) per share. Sales in the quarter declined (4.8)% to $3.99 B, with comps down (1.6)%. Internet sales declined (5.4)% to $341 mm. Sales were challenged as mall traffic in the quarter was down (2.4)%. Comps for 4Q11 are expected to be flat to slightly up from last year."
"We are quite impressed with the quality of the management team being assembled, and see a significant opportunity to regain ground on sales and operating profits/margin lost over the last several years. We are eagerly awaiting the upcoming meeting for the investment community on January 25, 2012 for a better understanding on the plans and the company's efforts to "transform" the business and "reclaim" its "birthright and become America's favorite store."
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 $32.98 yesterday, with a 52 week range of $23.44-$41.00.
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Barclays analyst says, "JCP reported 3Q11 EPS of $0.11, excluding restructuring costs of $(0.78) per share. Sales in the quarter declined (4.8)% to $3.99 B, with comps down (1.6)%. Internet sales declined (5.4)% to $341 mm. Sales were challenged as mall traffic in the quarter was down (2.4)%. Comps for 4Q11 are expected to be flat to slightly up from last year."
"We are quite impressed with the quality of the management team being assembled, and see a significant opportunity to regain ground on sales and operating profits/margin lost over the last several years. We are eagerly awaiting the upcoming meeting for the investment community on January 25, 2012 for a better understanding on the plans and the company's efforts to "transform" the business and "reclaim" its "birthright and become America's favorite store."
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 $32.98 yesterday, with a 52 week range of $23.44-$41.00.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
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