J. C. Penney (JCP) Maintained as Top Pick for 2015 at Piper Jaffray

Piper Jaffray analyst Neely Tamminga reiterated J. C. Penney (NYSE: JCP) as a Top Pick for 2015, while maintaining an Overweight rating and price target of $12.00. This comes ahead of the company's year-end report and initial outlook for 2015.

Tamminga commented, "We are reiterating JCP as a top pick for 2015 ahead of the company's year-end report and initial outlook for 2015. Recall, holiday sales have already been reported (+3.7% for Nov/Dec) and we believe February--the first month of their new fiscal year--could be tracking in or near our estimated +4% "comp" based on checks and calibrating promotions. Longer term, we believe JCP is in a position to recapture share among moderate consumers as it reclaims some of the lost $6B in revenues under a prior management team's strategy. No doubt traffic remains a headwind for JCP and the broader competitive landscape; that said, a return to relevant private label brands is likely to aid in driving higher conversion, transaction value and margins."

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 $8.47 yesterday.

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