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January 11, 2013
10:52 EDTJCPJ.C. Penney tumbles after UBS cuts rating to Sell
J.C. Penney (JCP) is sinking after UBS analyst Michale Binetti downgraded the stock to Sell from Neutral and slashed his price target on the shares to $13 from $21 in a note to investors earlier today. The retailer's earnings outlook is deteriorating, and there are signs that its cash flow is reaching distressed levels, the analyst believes. In order to adopt a new turnaround plan that will have credibility with investors, J.C. Penney will have to significantly reduce its profitability in the medium term, Binetti wrote. The retailer's decision to lower its prices on some products in the fourth quarter increases the likelihood that the company's fourth quarter earnings per share will miss expectations, the analyst believes, adding that the Street's profitability estimates for the company will probably decline. In mid-morning trading, J.C. Penney retreated 88c, or 4.60%, to $18.27.
News For JCP From The Last 14 Days
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January 21, 2015
12:12 EDTJCPBest Buy, home retailers seen getting biggest bump from Sears demise
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January 20, 2015
06:22 EDTJCPJ.C. Penney to bring back 120-page catalog, WSJ reports
J.C. Penney has decided to resurrect its catalog in the form of a 120-page book that will mark the first catalog the chain has sent out since 2010, The Wall Street Journal reports. The retailer, which quit the catalog amid a broader pullback caused by the recession and the rise of e-commerce, now believes the catalog can help drive web sales. Reference Link

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