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J. C. Penney's (JCP) Q2 Results Called 'Step Forward', PT Raised to $10 at Deutsche Bank

August 14, 2015 10:18 AM EDT
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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: 10 | New: 10
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Deutsche Bank maintained a Hold rating on J. C. Penney (NYSE: JCP) but raised its price target to $10.00 (from $9.00). Comments follow Q2 results. Analyst Paul Trussell called performance a "step forward in its turnaround effort."

"New CEO Marvin Ellison is methodically producing meaningful gains, with 2Q demonstrating progress in center core, another strong beat in GPM (up 103 bps vs. our 81 bps estimate), and better-than-expected SG&A through cost cutting initiatives. We are encouraged by the EBITDA guidance increase, and have incrementally greater confidence in JCP’s ability to hit its ambitious $1.2B goal in 2017 (modeling $1.088B vs. $1.035B previously). However, we also acknowledge that comparisons get much tougher from here on both SSS and margins, and reiterate our Hold rating while raising our PT to $10 (from $9)," said Trussell.

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 $8.07 yesterday.



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