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Fly News Breaks for May 22, 2018
LOW, JCP
May 22, 2018 | 10:30 EDT
Piper Jaffray analyst Erinn Murphy is concerned around increased execution risk in the near-term at J.C. Penney (JCP) following this morning's announcement that Chairman and CEO, Marvin Ellison, is leaving to become President and CEO of Lowe's (LOW). The analyst believes this resignation coupled with inconsistent execution over the past year raises risk to the turnaround story. Murphy reiterates a Neutral rating and $3 price target on J.C. Penney's shares.
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