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Fly News Breaks for January 29, 2016
JCP
Jan 29, 2016 | 06:40 EDT
Credit Suisse analyst Michael Exstein upgraded J.C. Penney to Neutral saying the company has shifted its message and is prioritizing debt pay down and thinks it can reduce its total outstanding debt by almost 20% by the end of 2017. Exstein said the company's focus on debt reduction should allow it to maintain its current share price by shifting its enterprise value from debt to equity. The analyst has a $7 price target on J.C. Penney shares.
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