JCP Stock Surges on Citigroup Upgrade

by Christopher Freeburn | March 11, 2014 9:52 am

JCP Stock Surges on Citigroup Upgrade

JCPenney 300x191 JCP Stock Surges on Citigroup Upgrade[1]Struggling retail chain JCPenney (JCP[2]) received a vote of confidence[3] from one of the nation’s largest banks, sending JCP stock surging more than 7% in Tuesday morning trading.

Analysts at Citigroup (C[4]) 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.

Last month, JCP stock climbed after the company reported an adjusted fourth-quarter loss of 68 cents per share[5]. 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%.

Endnotes:
  1. [Image]: http://investorplace.com/wp-content/uploads/2013/08/JCPenney.jpg
  2. JCP: http://studio-5.financialcontent.com/investplace/quote?Symbol=JCP
  3. received a vote of confidence: http://seekingalpha.com/news/1618943-j-c-penney-on-a-rush-after-lively-citigroup-upgrade
  4. C: http://studio-5.financialcontent.com/investplace/quote?Symbol=C
  5. reported an adjusted fourth-quarter loss of 68 cents per share: http://investorplace.com/2014/02/jcp-jc-penney-stock-stocks-to-sell-retail-stocks-to-sell/#.Ux8SNtxhOf0

Source URL: http://investorplace.com/2014/03/jcp-stock-surges-citigroup-upgrade/
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