Deutsche Bank analyst Paul Trussell downgraded J.C. Penney (JCP) to Hold and cut his price target for the shares to $5.50 from $9. The stock closed Friday down 14%, or 74c, to $4.55 following the retailer's Q1 earnings report. The analyst says his thesis of sustainable outperformance versus the peer group has not transpired. Penny's same-same-sales in Q1 were in-line with the weakness experienced by peers and its cost savings were limited, Trussell tells investors in a research note. The analyst this morning also upgraded Coach (COH) to Buy from Hold.