Another Bad Sign for JCP Stock? Goldman Slashes JCPenney Earnings Estimates

by Christopher Freeburn | January 14, 2014 11:57 am

JCP stock, JCPenney stock[1]On Friday, a major Wall Street bank lowered its outlook[2] for JCPenney’s (JCP[3]) earnings.

Goldman Sachs (GS[4]) set a price target of $7 a share for JCP stock. It gives JCP stock a “neutral” rating, TickerReport notes.

Despite Goldman’s downgrade, JCP stock surged more than 4% in Tuesday morning trading. JCP stock is currently trading slightly above $7 a share.

JCP has struggled over the past year to turnaround operations[5] after a disastrous “no sales strategy” by former CEO Ron Johnson badly alienated shoppers.

The discount retailer has also denied rumors of looming bankruptcy[6] in recent months.

Last week, Piper Jaffray bucked other analyst assessments[7], boosting its rating of JCP stock after the company reiterated its outlook. Piper Jaffray set a price target of $11 a share for JCP stock.

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  2. lowered its outlook:
  3. JCP:
  4. GS:
  5. to turnaround operations:
  6. denied rumors of looming bankruptcy:
  7. bucked other analyst assessments:

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