Piper Jaffray Positive on New J. C. Penney (JCP) Executive Hires

Piper Jaffray analyst Neely Tamminga reiterated an Overweight rating and $15 price target on J. C. Penney (NYSE: JCP) following news the company named Mr. Michael Amend, EVP of Omnichannel, and Mr. Mike Robbins, SVP of Supply Chain.

"Both will be officially joining the company within the next two weeks and both have significant retail experience (think The Home Depot and Target)," Tamminga commented. "We are encouraged by these hires in key areas of opportunity for JCP and view them as further confirmation that new CEO Marvin Ellison is a draw to this unique turnaround opportunity. We are not making any changes to our estimates at this time and are reiterating our +4% comp estimate for FQ2. Longer-term, the story here is about EBITDA growth as JCP reclaims sales lost during prior management's tenure; we continue to believe that JCP is on track to achieve $1.2B+ in EBITDA."

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 $8.17 yesterday.

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