UPDATE: Piper Jaffray Color On JCP FQ4 Results

Piper Jaffray, which lowered its PT on shares of J.C. Penney Company, Inc. JCP, is providing some color on the stock. “On Friday JCP reported FQ4 results in line with expectations and provided FQ1guidance below consensus,” Piper Jaffray writes. “In addition, the company provided its initial full year outlook for FY12 which was well above the consensus. However, a large portion of the increase came from better than anticipated pension expense, which we estimate contributed $0.28/shr compared to our prior estimate. “While current top line trends (Feb) sound encouraging, we remain cautious on JCP shares given top line volatility and lower than expected adjusted earnings growth (excl. pension) than we initially anticipated.” J.C. Penney Company closed Friday at $34.16.