J. C. Penney (JCP) Estimates Cut at BofA/Merrill Lynch Following Mixed Q3
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Rating Summary:
1 Buy, 21 Hold, 11 Sell
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Today's Overall Ratings:
Up: 11 | Down: 12 | New: 9
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BofA/Merrill Lynch analyst Lorraine Hutchinson reiterated a Neutral rating and $11 price target on J. C. Penney (NYSE: JCP) following Q3 results which beat on margins but the sales outlook was lowered.
The analyst notes the company continues to positive full year FCF, although the firm is modeling FCF to be down $28 million.
The firm cut FY 2015 EPS from ($2.44) to ($2.59), FY 2016 EPS from ($0.58) to ($0.96) and FY 2017 EPS from $0.80 to $0.20.
"We remain Neutral as we think a full recovery is still a long way out and the bar is set high on execution, especially given a highly competitive environment," Hutchinson said.
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 $7.76 yesterday.
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