Another Bad Sign for JCP Stock? Goldman Slashes JCPenney Earnings Estimates

Most analysts are pessimistic about the retailer

   

Another Bad Sign for JCP Stock? Goldman Slashes JCPenney Earnings Estimates

JCPenney 300x191 Another Bad Sign for JCP Stock? Goldman Slashes JCPenney Earnings EstimatesOn Friday, a major Wall Street bank lowered its outlook for JCPenney’s (JCP) earnings.

Goldman Sachs (GS) set a price target of $7 a share for JCP stock. It gives JCP stock a “neutral” rating, TickerReport notes.

JCPenney185 Another Bad Sign for JCP Stock? Goldman Slashes JCPenney Earnings Estimates
Martha Stewart, Macy’s Settle JCPenney Battle

Despite Goldman’s downgrade, JCP stock surged more than 4% in Tuesday morning trading. JCP stock is currently trading slightly above $7 a share.

JCP has struggled over the past year to turnaround operations after a disastrous “no sales strategy” by former CEO Ron Johnson badly alienated shoppers.

The discount retailer has also denied rumors of looming bankruptcy in recent months.

Last week, Piper Jaffray bucked other analyst assessments, boosting its rating of JCP stock after the company reiterated its outlook. Piper Jaffray set a price target of $11 a share for JCP stock.


Article printed from InvestorPlace Media, http://investorplace.com/2014/01/another-bad-sign-jcp-stock-goldman-slashes-jcpenney-earnings-estimates/.

©2014 InvestorPlace Media, LLC

Comments are currently unavailable. Please check back soon.