J.C. Penney Company PT Lowered to $13.00 (JCP)
J.C. Penney Company (NYSE: JCP) had its target price trimmed by Bank of America from $16.00 to $13.00 in a report released on Tuesday. Bank of America currently has an underperform rating on the stock.
“In our recent department store real estate note, we evaluated the likelihood of JCPenney splitting itself into two publicly traded companies — a standalone REIT and an operating company. We concluded that JCPenney’s retail fundamentals are not sound enough to support a standalone operating company and we do not think REIT investors have an appetite for owning single tenant mall anchor real estate. Vornado’s liquidation of its JCPenney stake supports our view that this was simply a non-core investment, without strategic purposes.,” the firm’s analyst commented.
Several other analysts have also recently commented on the stock. Analysts at JPMorgan Chase cut their price target on shares of J.C. Penney Company from $18.00 to $15.00 in a research note to investors on Thursday, February 28th. They now have a neutral rating on the stock. Separately, analysts at Piper Jaffray cut their price target on shares of J.C. Penney Company to $16.00 in a research note to investors on Thursday, February 28th. Finally, analysts at UBS AG cut their price target on shares of J.C. Penney Company from $13.00 to $10.00 in a research note to investors on Thursday, February 28th.
Shares of J.C. Penney Company traded up 4.02% during mid-day trading on Tuesday, hitting $15.01. J.C. Penney Company has a one year low of $14.20 and a one year high of $39.73. The stock’s 50-day moving average is currently $19.31. The company’s market cap is $3.292 billion.
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