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