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