Morgan Stanley is Still Waiting for Signs of Turnaround from J.C. Penney Company

In a report published Thursday, Morgan Stanley analyst Kimberly C. Greenberger reiterated an Underweight rating and $4.00 price target on J.C. Penney Company JCP. In the report, Morgan Stanley noted, “Meeting $2B liquidity guidance at year end alleviated fear of another round of capital raise. But we think 2014 guidance appears aggressive. JCP is running out of easy comparisons and must deliver genuine sales and margin improvement to become CF neutral. We are yet to be convinced.” J.C. Penney Company closed on Wednesday at $5.96.