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

by Christopher Freeburn | January 14, 2014 11:57 am

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

JCPenney 300x191 Another Bad Sign for JCP Stock? Goldman Slashes JCPenney Earnings Estimates[1]On Friday, a major Wall Street bank lowered its outlook[2] for JCPenney’s (JCP[3]) earnings.

Goldman Sachs (GS[4]) set a price target of $7 a share for JCP stock. It gives JCP stock a “neutral” rating, TickerReport notes.

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[5] after a disastrous “no sales strategy” by former CEO Ron Johnson badly alienated shoppers.

The discount retailer has also denied rumors of looming bankruptcy[6] in recent months.

Last week, Piper Jaffray bucked other analyst assessments[7], 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.

Endnotes:
  1. [Image]: http://investorplace.com/wp-content/uploads/2013/08/JCPenney.jpg
  2. lowered its outlook: http://tickerreport.com/banking-finance/105149/j-c-penney-co-earnings-estimates-lowered-at-goldman-sachs-group-inc-jcp/
  3. JCP: http://studio-5.financialcontent.com/investplace/quote?Symbol=JCP
  4. GS: http://studio-5.financialcontent.com/investplace/quote?Symbol=GS
  5. to turnaround operations: http://investorplace.com/2013/04/ackman-finally-realizes-that-jcpenney-hit-rock-bottom-now-what/#.UtAUhXm1Kf0
  6. denied rumors of looming bankruptcy: http://investorplace.com/2013/10/jcp-jcpenney-bankruptcy/#.UtAT43m1Kf0
  7. bucked other analyst assessments: http://investorplace.com/2014/01/jcp-analyst-price-target-points-40-upside-jcpenney-stock/#.UtVm9Hm1Kf0

Source URL: http://investorplace.com/2014/01/another-bad-sign-jcp-stock-goldman-slashes-jcpenney-earnings-estimates/
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