J. C. Penney's (JCP) Q2 Results Called 'Step Forward', PT Raised to $10 at Deutsche Bank
Get Alerts JCP Hot Sheet
Rating Summary:
1 Buy, 21 Hold, 11 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 10 | New: 10
Join SI Premium – FREE
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Recruit Holdings Co., Ltd (6098:JP) (RCRUY) PT Raised to JPY7,800 at Jefferies, 'emerged stronger since the last earnings season'
- Braze Inc (BRZE) PT Lowered to $58 at Scotiabank, 'has done a very formidable job over the last ~12 months'
- AO World Plc. (AO/:LN) PT Raised to GBP1.25 at Jefferies
Create E-mail Alert Related Categories
Analyst Comments, Analyst EPS View, Analyst PT ChangeRelated Entities
Deutsche BankSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!