JC Penney (JCP) Shares Moving Higher as JPMorgan Upgrades to Overweight
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Shares of J.C. Penney (NYSE: JCP) are feeling a lift today following an upgrade at JPMorgan earlier this morning. The firm moved its investment rating on the retailer from Neutral to Overweight, also boosting its price target from $28 to $33.
The firm cited a unique "benefit from lower apparel input costs", lower markdown dollars given its recently improved inventory position, and stabilization in the home category, which makes up about 21% of J.C. Penney's product mix. The JPMorgan analyst also pointed out that current levels could be a solid entry point as the stock is down about 18% from recent highs, set at the beginning of June.
In the pre-market session, J.C. Penney shares most recently traded at $27.42, up more than 3% from yesterday's close. Based on today's price action, JPMorgan's increased price target represents potential price appreciation of about 20%.
To see all the analyst action on shares of J.C. Penney, visit our Analyst Ratings page.
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