Citi Reiterates Buy On J.C. Penney (JCP)

Citi Investment Research is reiterating its Buy rating and $41 price target on J.C. Penney Company, Inc. JCP after meeting with management. In the research sent to investors, Citi writes, "Management was optimistic based on the improvement in comps that it has experienced since August (excl. weather impact) as merchandising initiatives have begun to deliver topline benefits. The strength has been driven by higher discretionary spending from JCP's core customer, including more self-purchasing, and strong sales in products used for entertaining, as well as JCP's fourteen growth initiatives beginning to drive topline benefits. We believe there is significant opportunity for growth ahead. We reiterate our Buy (1H) rating." Shares of JCP lost 69 cents on Friday to close at $33.78, a loss of 2%.