Deutsche Bank Upgrades J. C. Penney (JCP) to Hold; Tough Road Ahead...But Radical Changes Necessary

Deutsche Bank upgraded J. C. Penney (NYSE: JCP) to Hold with a new price target of $32.00.

Deutsche analyst says, "Watching KSS has taught us the industry's hi-low promotional strategy may have hit a ceiling. In other words, today's shopper is more savvy than ever and retailers need to transform in order to compete more effectively - potentially discarding old habits to drive traffic. With this in mind, JCP's move to EDLP is intriguing to us and if Ron Johnson can successfully make the change, we think others in the industry could follow. Importantly, we still think the duration to turn JCP around is a 2014/2015 event, but prefer to watch from the sidelines."

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 $34.96 yesterday.

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