Bear of the Day: J.C. Penney (JCP)
by Zacks Equity ResearchDecember 14, 2012 | Comments : 0 Recommended this article: (0)
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We observe that despite a well-diversified supplier base, the company has been struggling against other retail chains. Its dismal results dashed those hopes at least for the near term. Moreover, erratic consumer behavior and a sluggish economic recovery still remain matters of concern.
Currently, we maintain our Underperform recommendation on the stock. Our target price of $26.00 is based on a price-to-cash-flow multiple of 4.8X.
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