J. C. Penney (JCP) PT Lifted to $17 at Piper Jaffray; Sees $1.2B in EBITDA by 2017

Piper Jaffray analyst Neely Tamminga reiterated her Overweight rating and boosted her price target on J. C. Penney (NYSE: JCP) to $17.00 (from $15.00), saying the company is moving along the pat to $1.2 billion in EBITDA by 2017.

Tamminga commented, "We are reiterating our Overweight rating on JCP shares following its FQ2 report in view of the company's second consecutive quarter demonstrating its ability to reach EBITDA targets regardless of top-line performance. FQ2 comps came in at 4.1%--in line with our and the Street's estimate of 4%--however, the company delivered EBITDA of $115M, well ahead of consensus of $107M and our estimate of $99M."

She added, "This gives us further confidence in its ability to reach EBITDA through a number of controllables. Longer-term, the story is about EBITDA growth as JCP reclaims sales lost during prior management's tenure. We continue to rate JCP as a top pick for 2015."

The firm raised FY 2016 EPS from (1.37) to ($1.32) and FY 2017 EPS from ($0.42) to ($0.32).

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 $8.52 yesterday.

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