Citi Maintains Buy on JC Penney After Conference Call (JCP)

Citi maintains its Buy rating on JC Penney JCP following a conference call with Liz Sweeney, EVP and senior GMM for Women's Apparel, Accessories, Handbags, and Shoes. In a note to clients, Citi writes, "Management has been encouraged by the progress made in 2010 under JCP's Long Range Plan and new merchandising leadership structure. With the pieces now in place, the company can focus on executing on its growth initiatives in 2011, which we expect to drive traffic and market share gains in 2011. We reiterate our Buy rating and $38 target price." JCP closed Tuesday at $32.38.