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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