J.C. Penney November sales data may be misinterpreted, says Wells Fargo After J.C. Penney reported that its November sales surged 10.1% year-over-year, Wells Fargo thinks that many people likely believe that the retailer's sales rose seven percentage points last month, versus Q3 levels. However, the firm contends that the actual increase was only 2.3 percentage points. Moreover, Wells thinks that its comp gains could decelerate in December and January. Wells keeps an Underperform rating on the stock.
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