J.C. Penney Stock Soars On Citi Upgrade

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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…

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