Citigroup Reiterates Buy On JCP

The strategic actions announced by J.C. Penney Company, Inc. (NYSE: JCP) are an indication that the company is working collaboratively with its largest shareholders to more efficiently allocate resources, Citigroup reports.

“We were pleased to see the company capitalize on this low-hanging fruit, and we see much opportunity ahead,” Citigroup writes. “We believe that additional announcements may be forthcoming as JCP works to grow sales, improve operating margins, and increase shareholder returns. We reiterate our Buy rating.”

J.C. Penney Company closed Monday at $32.52.