Baird Cuts Target on JCPenney (JCP) to $37 Following CFO News

Shares of JCPenney (NYSE: JCP) are underperforming the broader stock market rather sharply Thursday as investors are likely taking profits following a near 3.7 percent rise on Wednesday. The move higher followed news the company's CFO Michael Dastugue announced his departure.

Baird's Erika Maschmeyer reduced her price target on JCPenney shares earlier this morning. The analyst now sees the stock rising to $37 over the next year, down from a prior target of $43. She maintains a Neutral rating on shares of JCPenney.

With the stock up just 0.09 percent to $34.46 at last check, Maschmeyer's new price target represents potential upside of about 7 percent.

For an analyst ratings summary and ratings history on JCPenney click here. For more ratings news on J. C. Penney click here.

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