Gilford Securities is upgrading J.C. Penney Company, Inc. JCP to Buy from Hold.
“With earnings far below pre-recession levels, Penney is doing poorly relative to retailers whose profits have rebounded robustly. JCP's catch-up phase may have begun,” Gilford Securities writes.
“Management forecasts EPS of over $5.00 by 2014, versus 2007's high of $4.90. We think $5.50-$6.00 may be attainable given an expanding economy.
“Same-store sales rose 5.7% for Nov./Dec. combined. This suggests
4Q/10 profits will be better than $0.90-$1.00 guidance and the Street's range of $0.90-$1.02. We estimate $1.06 versus $0.83 a year ago and $2.09 in 4Q/06.”
J.C. Penney Company currently trades at $32.51.
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Posted In: Analyst RatingsConsumer DiscretionaryDepartment Storesgilford securitiesJ.C. Penney Company
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