Analysts: J.C. Penney Turnaround Is Dragging Out and 3 Other Research Notes to Browse

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J. C. Penney (NYSE:JCP): Citigroup has lowered its price target for J. C. Penney shares to $7 from $11 on concerns that J. C. Penney’s turnaround is taking longer than expected and its vendor relationships are deteriorating. Citi thinks that J. C. Penney has enough cash for 2013 but feels that it’s prudent for the company to raise capital to “cushion against a potentially challenging Holiday season.” The firm reiterated a Sell rating on J.C. Penney’s shares, saying that its basic liquidation valuation analysis indicates that the floor in J.C. Penney’s stock could be $1 per share. Shares of J. C. Penney closed Wednesday down 15 percent, or $1.78, to $10.12.

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