J.C. Penney price target lowered to $5 from $7 at UBS UBS lowered its price target on J.C.Penney following its announcement it would close 33 stores. The firm lowered estimates and reiterated its Sell rating on the belief the closures suggest that stores will not be returning to profitability at the pace the company anticipated. UBS also sees limited ability to cut costs further which could lead to further closures.
News For JCP From The Last 14 Days
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J.C. Penney CEO successor search faces setback, WSJ says It appears that J.C. Penney (JCP) is not having an easy time of identifying a successor for current CEO Myron Ullman, says the Wall Street Journal. According to the WSJ report, Mindy Grossman, CEO of HSN (HSNI), who is considered the lead candidate for Ullman's position, had been in talks with J.C. Penney but could not agree on terms and negotiations broke down moths ago. Reference Link