Imperial Bullish on J.C. Penney Debt, But Not the Equity
Imperial Capital has maintained its Underperform rating on J.C. Penney Company, Inc. (NYSE:JCP) and pegged its 1-year price target at $5 per share. However, Imperial Capital in its recent capital structure research report maintained its Buy rating on J.C. Penney Company, Inc. (NYSE:JCP)’s term loans and all bonds maturing after 2015. J.C. Penney’s sales to grow 6.5 percent Mary Ross-Gilbert of Imperial Capital anticipates J.C. Penney Company, Inc. (NYSE:JCP) to post 6.5 percent increase in its sales during F4Q13 year-on-year, with its gross margin up 771 bps yoy to 31.5 percent as against 23.8 percent posted in F4Q12. Imperial Capital estimates J.C....
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