Morgan Stanley Upgrades J.C Penny (JCP) to Overweight

Morgan Stanley upgrades J.C Penny (NYSE: JCP) from Equal Weight to Overweight, saying the retailer is most likely to outperform current consensus gross margins expectations in the 2nd half of 2009 and beyond. The firm also said JPC trades at a 24% discount to department store peers.

J. C. Penney Company, Inc., through its subsidiary, J. C. Penney Corporation, Inc., operates a network of department stores in the United States, Alaska, and Puerto Rico.

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