Convinced that J.C. Penney Company, Inc. (NYSE:JCP) has already turned a corner under the improved management of CEO Myron Ullman, Citi analyst Oliver Chen upgraded the company from Neutral/High Risk to Buy/High Risk and pushed his price target to $11 from $7.50 with an implied 30% upside. The markets responded immediately, and JCP stock was up 9.6% after just a few hours of trading.
Chen’s thesis rests on the idea that J.C. Penney Company, Inc. (NYSE:JCP)'s recent pain is a result of poor decisions made by former CEO Ron Johnson who was pushed out last April, and that weak comps for the rest of 2013 were caused by Ullman accepting the short-term pain necessary to make long-term changes.
“Not so good...
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