UPDATE: Baird Downgrades J. C. Penney (JCP) to Neutral, PT to $5 Following 1Q Report; 'Industry Disruption Neutralizing Company-Specific Drivers'

Baird analyst Mark Altschwager downgraded J. C. Penney (NYSE: JCP) from Outperform to Neutral with a price target of $5.00, following the company's first quarter earnings report.

Analyst Mark Altschwager notes the company produced first quarter revenues below the Street estimates, despite delivering earnings per share results above consensus projections driven by gross margin upside, as management faces a difficult department store environment, while trying to re-calibrate its business.

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 $4.55 yesterday.

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