Analysts: J.C. Penney TV Ad Volume is Surprising and 3 More Research Notes to Read

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J.C. Penney (NYSE:JCP): Wells Fargo says that it has been “surprised” at the amount of TV advertising J.C. Penney has done, but it notes that the spending will drive some incremental traffic and sales. The firm also draws attention to J.C. Penney’s issuance of a higher 2013 capex guidance last night in its regulatory filing, and has raised its FY13 earnings estimate to -$4.80 from -$5.17 to reflect higher comp sales estimates. It still keeps an Underperform rating on the stock.

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