Wells Fargo rains on J.C. Penney turnaround parade

|About: J.C. Penney Company Inc. (JCP)|By:, SA News Editor

Wells Fargo downgrades J.C. Penney (JCP) to an Underperform rating.

The investment firm thinks the heavy debt burden of the retailer greatly limits upside potential.

The price target on JCP is dropped to $5 by Wells, indicating shares could see a sharp sell-off.

JCP -1.7% premarket to $9.20.