by Christopher Freeburn | January 10, 2014 10:44 am
[1]On Thursday, Piper Jaffray gave struggling retailer JCPenney (JCP[2]) a vote of confidence[3].
The investment firm raised its rating of JCPenney stock to “overweight,” up from a prior rating of “neutral.” Piper Jaffray noted that JCPenney had recently reiterated its fourth-quarter outlook, despite the highly-competitive holiday shopping season, TheFlyOnTheWall notes
Piper Jaffray has a price target of $11 a share for JCPenney stock. At its current price, JCPenney stock would have to climb more than 47% to hit that target.
JCPenney has struggled to entice shoppers back to its stores in a bid to recover from the disastrous “no sales” strategy of former CEO Ron Johnson[4], who was ousted earlier this year.
In recent months, the retailer has been hit with rumors of impending bankruptcy[5].
Other analysts don’t share Piper Jaffray’s optimistic outlook for JCPenney stock. Zacks continues to hold a “neutral” rating on JCPenney stock, while Wells Fargo (WFC[6]) gives JCPenney stock an “underperform” rating.
Though JCPenney stock rose more than 4% on Thursday, investors appeared less pleased with the retailer on Thursday, sending JCP stock down almost 3% in morning trading.
Source URL: https://investorplace.com/2014/01/jcp-analyst-price-target-points-40-upside-jcpenney-stock/
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