Nomura Securities Starts J. C. Penney (JCP) at Neutral; Wounded, but Not Dead

Nomura Securities initiates coverage on J. C. Penney (NYSE: JCP) with a Neutral. PT $36.00.

Nomura analyst, Paul Lejuez, said, "JCP has been mismanaged for several years, and has been out-executed by its closest competitor, Kohl’s (NYSE: KSS). It’s been beaten up, and lies wounded for sure. While new CEO Ron Johnson will certainly bring fresh ideas to JCP of how to take back share, his strategies are unknown at this point. Though the stock has upside potential if productivity and EBIT margins improve significantly, with the stock up 26% (vs. the S&P 500 up 12%) since October 3, the market now anticipates some of the improvement and the risk/reward seems balanced at current levels."

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 $32.68 yesterday.

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