BTIG Research started coverage on shares of J.C. Penney Company (NYSE: JCP) in a research report released on Thursday morning, TheFlyOnTheWall.com reports. The firm issued a buy rating and a $22.00 price target on the stock.
“J.C. Penney (JCP) has suffered a number of operating reversals and negative headlines in recent quarters. While we expect continued volatility, we believe that the shares represent an option on the ultimate outcome of the firm’s transformation, and that this option is accompanied by a number of levers which favor the equity investor. Given JCP’s current situation, we step away from a traditional retail analysis of JCP and take a creditfocused view. In our opinion the current risk/reward profile is attractive.,” BTIG Research’s analyst commented.
Shares of J.C. Penney Company (NYSE: JCP) traded up 7.04% during mid-day trading on Thursday, hitting $16.57. J.C. Penney Company has a one year low of $14.20 and a one year high of $37.46. The stock’s 50-day moving average is currently $18.62. The company’s market cap is $3.634 billion.
JCP has been the subject of a number of other recent research reports. Analysts at Deutsche Bank reiterated a hold rating on shares of J.C. Penney Company in a research note to investors on Monday, March 11th. Separately, analysts at Northcoast Research upgraded shares of J.C. Penney Company from a sell rating to a neutral rating in a research note to investors on Thursday, March 7th. They now have a $14.00 price target on the stock. Finally, analysts at S&P Equity Research cut their price target on shares of J.C. Penney Company from $20.00 to $17.00 in a research note to investors on Wednesday, March 6th. They now have a hold rating on the stock.
J. C. Penney Company, Inc. (jcpenney), is a holding company. The Company is a retailer, operating 1,102 department stores in 49 states and Puerto Rico as of January 28, 2012.
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