On Thursday, Piper Jaffray gave struggling retailer JCPenney (JCP) a vote of confidence.

The investment firm raised its rating of JCPenney stock to “overweight,” up from a prior rating of “neutral.” Piper Jaffray noted that JCPenney had recently reiterated its fourth-quarter outlook, despite the highly-competitive holiday shopping season, TheFlyOnTheWall notes

Piper Jaffray has a price target of $11 a share for JCPenney stock. At its current price, JCPenney stock would have to climb more than 47% to hit that target.

JCPenney has struggled to entice shoppers back to its stores in a bid to recover from the disastrous “no sales” strategy of former CEO Ron Johnson, who was ousted earlier this year.

In recent months, the retailer has been hit with rumors of impending bankruptcy.

Other analysts don’t share Piper Jaffray’s optimistic outlook for JCPenney stock. Zacks continues to hold a “neutral” rating on JCPenney stock, while Wells Fargo (WFC) gives JCPenney stock an “underperform” rating.

Though JCPenney stock rose more than 4% on Thursday, investors appeared less pleased with the retailer on Thursday, sending JCP stock down almost 3% in morning trading.