UPDATE: 4% Boost for J.C. Penney After Piper Jaffray Upgrades on Potential

In a report released Thursday morning, analyst Neely Tamminga of Piper Jaffray upgrades J.C. Penney (NYSE: JCP) to Overweight from Neutral, maintaining price target of $11.

Piper Jaffray states that JCP is on the right recovery track, "We believe the real message in yesterday's release is being missed: JCP is doing what they said they would do, and we believe any retailer reiterating their guidance following this compressed, promotional, mall-traffic-starved holiday season is a winner in our book"

Tamminga highlighted catalysts for the upgrade that included restored promo pricing, conversion rate of traffic into transactions, and increased E-commerce sales.

JCP closed Wednesday at $7.37 and currently trading up over 4% at $7.74.

Posted-In: Upgrades Markets Analyst Ratings

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