J.C. Penney Has Positive 2011 Outlook.

According to Deutsche Bank, J.C. Penney JCP has a positive 2011 outlook. Deutsche Bank reported that it believes J.C. Penney is in the early and rapid stages of another turnaround to accelerate sales, further rationalize costs, advance systems and rationalize / remodel stores. “+3%-5% comp guide looks very realizable as sales momentum the best in 4+ years, and cost cutting steps posited to accelerate. Sourcing cost pressures to gross margin should be offset by exclusive product, higher AUR in ‘better' & ‘best' & markdown optimization. Share repurchases, initially $900MM starting in March, should add upside to guidance for several years. Reiterate Buy.” J.C. Penney closed on Friday at $34.16.