Following Fast Buyback, Goldman Sachs Estimates On JCP Are Under Review

Following J.C. Penney Company's JCP buyback completion, Goldman Sachs is providing some color on the stock. “Our estimates assumed that the buyback would be completed over the course of 2011, not by the end of Q1,” Goldman Sachs writes. “The company had guided to a $0.01 buyback benefit in Q1 with the magnitude of the benefit to fall in the balance of the year. “Our current estimates assume a weighted average share count of 230mn for the year; however, due the accelerated nature of the repurchase, the share count has been reduced to 213mn. We expect to hear if management plans to authorize a new plan. Our estimates are under review as we await further clarification with Monday's report.” J.C. Penney closed Tuesday at $37.39.