Goldman Sachs Resumes J. C. Penney (JCP) at Neutral

Goldman Sachs resumed coverage on J. C. Penney (NYSE: JCP) with a Neutral with a $27 price target.

The firm notes the hiring of Ron Johnson, former Apple Retail SVP and Target executive, has sparked hope for for a reverse weak trends. Commenting on this they say, "While the new management catalyst should enhance JCP's lagging performance, its middle income exposure to today's more challenging backdrop likely overwhelms any potential near-term positives."

Johnson will assume the CEO role on November 1, after joining the board in August.

For more ratings news on J. C. Penney click here and for the rating history of J. C. Penney click here.

Shares of J. C. Penney closed at $26.23 yesterday.

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