Nomura Securities Maintains a 'Neutral' on J. C. Penney (JCP); Q3 Review
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Price: $0.18 --0%
Rating Summary:
1 Buy, 21 Hold, 11 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
1 Buy, 21 Hold, 11 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Nomura Securities maintains a 'Neutral' on J. C. Penney (NYSE: JCP) price target of $36.00.
Nomura analyst, Paul Lejuez, said, "3Q was far less exciting than the market had hoped. Johnson’s discussion of new strategies has been put off until the January 25th Investor Day. One of the key highlights from its 3Q11 call was the pace at which Johnson has brought top talent on board; very impressive, in our view. Incremental info: (1) stronger sales of cold weather apparel and accessories in November to-date, (2) AUR was up slightly in 3Q, (3) VERP should benefit expenses by $50MM in F12, but a greater amount in F13. We are revising our 4Q11E EPS from $1.06 to $1.11 vs. guidance of $1.05-$1.15 and cons $1.16, and our F12E from $2.09 to $2.17 vs. cons $1.94. Note that henceforth we will present EPS from continuing operations in the (previously included restructuring charges)."
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 $32.98 yesterday.
Nomura analyst, Paul Lejuez, said, "3Q was far less exciting than the market had hoped. Johnson’s discussion of new strategies has been put off until the January 25th Investor Day. One of the key highlights from its 3Q11 call was the pace at which Johnson has brought top talent on board; very impressive, in our view. Incremental info: (1) stronger sales of cold weather apparel and accessories in November to-date, (2) AUR was up slightly in 3Q, (3) VERP should benefit expenses by $50MM in F12, but a greater amount in F13. We are revising our 4Q11E EPS from $1.06 to $1.11 vs. guidance of $1.05-$1.15 and cons $1.16, and our F12E from $2.09 to $2.17 vs. cons $1.94. Note that henceforth we will present EPS from continuing operations in the (previously included restructuring charges)."
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 $32.98 yesterday.
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