Nomura Securities Upgrades J. C. Penney (JCP) to Neutral
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Nomura Securities upgraded J. C. Penney (NYSE: JCP) from Reduce to Neutral with a price target of $9.00 (from $8.00).
Analyst Robert Drbul commented, "We are upgrading JCP to a Neutral from a Reduce and increasing our TP to $9 from $8. We believe that the company has a lot of opportunity for top-line growth and margin expansion under new CEO Marvin Ellison, following multi quarter 20%+ comp declines and a $4bn loss in sales volume under CEO Ron Johnson in 2012-2013. We also see opportunity from an interest expense perspective as the company works to reduce the debt load. We now believe the company will achieve profitability in 2017, and have revised our 2017 EPS estimate to $0.35 from $0.00. Our new TP of $9 represents 25.7x our new FY17 estimate, a slight premium to our Broadlines/department store average."
Shares of J. C. Penney closed at $7.47 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change, Upgrades
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