Wells says 'no reason to get too excited' about J.C. Penney Wells Fargo sees "no reason to get too excited" over J.C. Penney after the company reported Q2 results. Wells notes that while gross margin improved significantly, comps slowed versus Q1 and the retailer still lost (73c) per share. The firm continues to view the current valuation as stretched and keeps an Underperform rating on the stock with a $5-$6 price target range.
On The Fly: Analyst Upgrade Summary Today's noteworthy upgrades include: Aspen Technology (AZPN) upgraded to Overweight from Sector Weight at Pacific Crest... Canadian National (CNI) upgraded to Outperform from Sector Perform at Scotia Capital... Connecticut Water (CTWS) upgraded to Outperform from Market Perform at Wells Fargo... Hanesbrands (HBI) upgraded to Buy from Neutral at DA Davidson... Impala Platinum (IMPUY) upgraded to Buy from Neutral at Goldman... Inovalon (INOV) upgraded to Buy from Neutral at Goldman... J.C. Penney (JCP) upgraded to Market Perform at BMO Capital... Sovran Self Storage (SSS) upgraded to Buy from Neutral at UBS... Syngenta (SYT) upgraded to Neutral from Underperform at Exane BNP Paribas... UPS (UPS) upgraded to Buy from Neutral at Goldman... Union Pacific (UNP) upgraded to Buy from Hold at TD Securities... Yum! Brands (YUM) upgraded to Overweight from Neutral at JPMorgan.