Piper Jaffray Raises PT on J.C. Penney to $32 (JCP)

Piper Jaffray is out with its report today on J.C. Penney JCP raising its price target from $31 to $32. In a note to clients, Piper Jaffray writes, "We are adjusting our estimates to reflect sales trends for the month of January. We are raising our FQ4 EPS estimate from $1.00 to $1.09 to reflect management's revised guidance of $1.06-1.09. Our new estimates reflect the company's FQ4 revenue and our estimate of an 8.2% operating margin. We have also revised our FY12 estimates higher as a result of flowing through the FQ4 results. Our price target moves to $32 based on 14x FY12E adj. EPS of $2.30." At the time of posting, shares of JCP were trading at $31.10, up 0.71% from Thursday's close.