JCPenney (JCP) received a bump after a UBS analyst upgraded the stock.
Michael Binetti changed his rating on JCP stock from Sell to Neutral and raised the price target from $4.00 to $9.00.
“JC Penny has less ‘miss and lower’ risk on same-store sales and gross margins for 1H14 due the completion of construction projects that accounted for 19 percent of total square footage,” Binetti said.
The UBS analyst believes that the company needs to maintain its first- and second-quarter success by posting increases to same store sales for the rest of the fiscal year.
JCP stock is up over 6% Wednesday.