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...