Fly News Breaks for March 12, 2015
JCP
Mar 12, 2015 | 08:20 EDT
Imperial Capital analysts continue to expect J.C. Penney's (JCP) elevated debt levels to erode the value of the company's common shares. While the retailer's financial results should "improve significantly" over the next couple of years, its high debt levels and anticipated improvement in EBITDA are not great enough to justify the current share price, the firm stated today in a note to investors. Imperial points out its $3 price target assumes a valuation multiple above peers Dillard's (DDS) and Macy's (M), two companies that own significantly more real estate than Penney's. The firm thinks its valuation assumptions for Penney's are likely too high and keeps its sell-equivalent Underperform rating on the shares. The retailer closed yesterday down 6c to $7.31.
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