Piper Jaffray Reiterates Neutral Rating on J.C. Penney (JCP)

Piper Jaffray is out with a research report this morning, where it reiterates its Neutral rating on J.C. Penney Co. JCP; it has a $28.00 price target on the stock, down from $29.00. The PJ analysts cited the company's recently announced quarterly earnings results, which were slightly ahead of estimates. the company said that gross margins declined 155 basis points and are likely to remain under pressure throughout Q4. The analysts reduced their FY 2012 adjusted EPS estimate and price target to of “13x FY12E adj. EPS of $2.13.”