J.C. Penney Co. Price Target Lowered to $8.00 at JPMorgan Chase & Co. (JCP)
JPMorgan Chase & Co. dropped their price target on shares of J.C. Penney Co. (NYSE:JCP) from $13.00 to $8.00 in a research note issued on Monday, AnalystRatingsNetwork reports. The firm currently has a “neutral” rating on the stock. JPMorgan Chase & Co.’s price target would indicate a potential downside of 9.14% from the company’s current price.
Shares of J.C. Penney Co. (NYSE:JCP) traded down 2.71% during mid-day trading on Monday, hitting $8.805. 61,319,704 shares of the company’s stock traded hands. J.C. Penney Co. has a one year low of $8.85 and a one year high of $27.00. The stock’s 50-day moving average is $13.03 and its 200-day moving average is $15.59. The company’s market cap is $1.942 billion. J.C. Penney Co. also was the target of some unusual options trading on Friday. Stock traders purchased 103,484 call options on the company. This represents an increase of approximately 166% compared to the average daily volume of 38,908 call options.
J.C. Penney Co. (NYSE:JCP) last announced its earnings results on Tuesday, August 20th. The company reported ($1.17) earnings per share for the quarter, missing the analysts’ consensus estimate of ($1.06) by $0.11. The company had revenue of $2.66 billion for the quarter, compared to the consensus estimate of $2.76 billion. During the same quarter in the prior year, the company posted ($0.37) earnings per share. The company’s quarterly revenue was down 11.9% on a year-over-year basis. On average, analysts predict that J.C. Penney Co. will post $-6.23 earnings per share for the current fiscal year.
Several other analysts have also recently commented on the stock. Analysts at Maxim Group downgraded shares of J.C. Penney Co. (NYSE:JCP) from a “buy” rating to a “hold” rating in a research note to investors on Monday. Separately, analysts at UBS AG cut their price target on shares of J.C. Penney Co. (NYSE:JCP) from $10.00 to $7.00 in a research note to investors on Friday. They now have a “sell” rating on the stock. Finally, analysts at BTIG Research reiterated a “buy” rating on shares of J.C. Penney Co. (NYSE:JCP) in a research note to investors on Friday. They now have a $11.00 price target on the stock, down previously from $22.00. Seven equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and seven have assigned a buy rating to the company. J.C. Penney Co. has a consensus rating of “Hold” and a consensus price target of $14.05.
J. C. Penney Company, Inc (NYSE:JCP), is a holding company.
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