Goldman Sachs Drops J.C. Penney Company Price Target To $7

J.C. Penney Company, Inc. (NYSE:JCP)’s failure to provide detailed information about holiday sales has already convinced most people that the retailer has lost its November momentum, raising serious questions about its turnaround efforts. Now Goldman Sachs Group Inc (NYSE:GS) is piling on, changing its price target from $9.50 to $7 (currently $7.17), roughly in line with consensus.

Goldman rates J.C. Penney as neutral

“Given the company has been lapping far easier comparisons than peers with substantial changes implemented in marketing and merchandising, underperformance raises questions about momentum into next year and weakens the bull case,” writes Goldman Sachs analyst Stephen Grambling, who rates the company as Neutral. “As a result, our FY13/FY14/FY15/FY16 EPS estimates move to ($5.85)/($2.78)/($2.00)/($1.11) from prior ($5.64)/($2.20)/(1.22)/($0.33) to incorporate...