J. C. Penney (JCP) Moves Up to No. 2 Among Women for Shopping, Piper Jaffray Survey Shows

Piper Jaffray analyst Neely J.N. Tamminga reiterated an Overweight rating and $17 price target on J. C. Penney (NYSE: JCP) following a proprietary survey which showed the company's ranking among women moved up from no. 4 to no. 2.

Tamminga commented, "We are reiterating our Overweight rating on JCP--one of our two top picks for 2015--as well as our $17 price target on JCP shares. In our proprietary survey exploring women's shopping behavior and intentions (also published today), we found that JCP improved its overall rank as a preferred shopping destination for fashion from No. 4 a year ago to No. 2 as of Fall 2015. Too, when we ask those that have shopped JCP in the past six months, the repurchase intent jumped from 78% to 87%. This, combined with JCP's various initiatives to regain relevance, gives us further confidence in their ability to recapture at least $2B of the $6B in lost revenues while climbing on their path back up to at least $1.2B in EBITDA."

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 $9.74 yesterday.

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