J C Penney Company Inc (NYSE:JCP) stock was up on Tuesday following an upgrade by analysts at Gordon Haskett Research Advisors.
Gordon Haskett Research Advisors upgraded JCP stock from a “Reduce” rating to a “Hold” rating today. The analysts also set a price target of $4.50 for J C Penney Company Inc’s stock. The closing price for the stock on Monday was $4.68.
According to Gordon Haskett Research Advisors, J C Penney Company Inc will reach its same-store-sale guidance for fiscal 2017. JCP is expecting its same-store sales for fiscal 2017 to range from a 1% decline to a 1% increase.
Gordon Haskett Research Advisors also says that JCP stock has done a good job at “weatherproofing” itself lately. The advisor notes that this is due to the retailer’s shift in focus to appliances, fashion and closing certain stores. Despite the positives, it also warns that there are still threats from J C Penney Company Inc’s competition, including online retailer Amazon.com, Inc. (NASDAQ:AMZN), reports TheStreet.com.
J C Penney Company Inc last reported its earnings on May 12. For its fiscal first quarter of 2017, the company’s results were mixed. It reported earnings per share of 6 cents on revenue of $2.7 billion. The retailer’s earnings per share were above estimates, but revenue missed and JCP stock fell on the news.
J C Penney Company Inc has been working these last few years toward a turnaround. While it has made significant progress in this regard, JCP sales are starting to lose forward progress and investors are losing hope in turn.