Piper Jaffray Maintains J.C. Penney Neutral, Lowers PT to $33

Piper Jaffray maintained its J.C. Penney JCP Neutral rating and lowered its J.C. Penney price target from $37 to $33 in a research report published today. In the report, Piper Jaffray states, "We are revising our estimates and price target following the June sales release announcing a +2.0% same store sales increase for the month. Quarter-to-date same store sales have increased 0.7% and management lowered FQ2 same store sales guidance from +3-4% to +1-2%. Management also indicated FQ2 EPS would be in the area of $0.06 compared to prior guidance of $0.20-0.24." Shares of J.C. Penney were trading at $32.30 at the time of posting, up 1.54% from Monday's market close.