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February 6, 2013
10:19 EDTJCPJ.C. Penney falls after analyst puts $10 target on shares
J.C. Penney (JCP) is retreating after Maxim Group analyst Rick Snyder initiated coverage of the stock with a Sell rating in a note to investors earlier today. The retailer will "virtually" run out of cash by the end of fiscal 2013, estimated the analyst, who set a $10 price target on the shares. However, the company does have a few hundred million dollars of assets it can monetize to stay afloat longer, he added. Meanwhile, some investors believe that J.C. Penney's real estate holdings are worth $200-$250 per square foot, when they're actually likely to fetch less than $100 per square foot on the open market, Snyder estimates. Furthermore, the retailer will face several new challenges if it abandons its "every day low value" concept and starts offering traditional promotions, he believes. In mid-morning trading, J.C. Penney fell 41c, or 2%, to $19.40.
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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