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JCP Stock Surges on Citigroup Upgrade

It recently posted a lower-than-expected quarterly loss


JCP stock, JCPenney stockStruggling retail chain JCPenney (JCP) received a vote of confidence from one of the nation’s largest banks, sending JCP stock surging more than 7% in Tuesday morning trading.

Analysts at Citigroup (C) raised their rating on JCP stock to “Buy.” Citigroup also increased its price target for JCP stock to $11, citing the retailer’s renewed focus on children’s and home products, Seeking Alpha notes.

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Last month, JCP stock climbed after the company reported an adjusted fourth-quarter loss of 68 cents per share. That surprised analysts who had predicted a loss of 85 cents per share of JCP stock.

However, JCP’s fourth-quarter sales of $3.78 billion fell short of the $3.85 billion that Wall Street had expected.

JCP stock closed at $8.42 on Monday. Over the past year, JCP stock has dropped more than 40%.

Article printed from InvestorPlace Media, http://investorplace.com/2014/03/jcp-stock-surges-citigroup-upgrade/.

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