Seeking Alpha

J.C. Penney on a rush after lively Citigroup upgrade

  • J.C. Penney (JCP) is on the move in early trading after Citigroup upgrades the stock to a Buy rating and raises its price target to $11.
  • Citi thinks the company can return to positive comps as the focus turns to the home department and kids departments.
  • What to watch: A return by J.C. Penney to seeing its sales mix of private brands return to historic norms (50% vs. 30% under Ron Johnson) could also do wonders for profitability.
  • JCP +8.1% premarket
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