Jefferies Starts J. C. Penney (JCP) at Hold

Jefferies initiates coverage on J. C. Penney (NYSE: JCP) with a Hold rating and a price target of $9.00.

Analyst Randal Konik commented, "JCP is on a path to recovery under the leadership of a new mgmt. team, which has helped drive market share gains. We are encouraged by the progress made over the past year and see significant opportunity ahead. However, given a challenging retail environment that may hinder progress, we initiate with a Hold and $9 PT."

For an analyst ratings summary and ratings history on J. C. Penney click here. For more ratings news on J. C. Penney click here.

Shares of J. C. Penney closed at $8.43 yesterday.

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