Citi Maintains Buy Rating and $31 PT on JC Penney

A report from Citi reiterates its Buy rating and $31 price target on JC Penney JCP. In the report, Citi writes, “JCP announced that it has reached an asset purchase agreement with Liz Claiborne Inc. (LIZ) to acquire the worldwide rights for the Liz Claiborne family of brands as well as the U.S. and Puerto Rico rights for the Monet brand for $267.5M… We believe that JCP will continue to build on the brand's strong Year 1 performance, including expanding the brand into new categories”. JCP closed yesterday at $30.23.