Nomura Securities Maintains a 'Neutral' on J.C. Penney (JCP); Review of Q1
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Price: $0.18 --0%
Rating Summary:
1 Buy, 21 Hold, 11 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
1 Buy, 21 Hold, 11 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Nomura Securities maintains a 'Neutral' on J.C. Penney (NYSE: JCP) price target of $40.00.
Analyst, Paul Lejuez, said, "JCP reported a 1Q loss of $0.54 (excl $0.21 in restructuring charges, but incl $0.15 markdown reserve expense and $0.14 pension expense) vs our $0.02 estimate and cons of $0.01. While sales results were slightly weaker than our down 15% comp estimate, the bigger disappointment was the near 300bp decrease in GM. As the company transforms its assortments later this year, we expect traffic to improve; however, it may be difficult for the company to tailor its assortments appropriately since the customer demographic is still a moving target."
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 $33.32 yesterday.
Analyst, Paul Lejuez, said, "JCP reported a 1Q loss of $0.54 (excl $0.21 in restructuring charges, but incl $0.15 markdown reserve expense and $0.14 pension expense) vs our $0.02 estimate and cons of $0.01. While sales results were slightly weaker than our down 15% comp estimate, the bigger disappointment was the near 300bp decrease in GM. As the company transforms its assortments later this year, we expect traffic to improve; however, it may be difficult for the company to tailor its assortments appropriately since the customer demographic is still a moving target."
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 $33.32 yesterday.
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