J.C. Penney & Co. (NYSE:JCP): Closing price $16.56
Credit Suisse says that J.C. Penney’s home introduction may be contributing to challenges instead of its intended role as a catalyst, as home merchandise pricing has been edged down by a minimum of 30 percent, while clearance items in other departments seem elevated. Analysts expect the second-quarter gross margins to be lower than anticipated, and lowered their earnings per share estimate to $1.22 from 94 cents. Shares are rated Underperform with a $15 price target.
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