After traveling with management, Piper Jaffray analyst Neely Tamminga reiterates J.C. Penney as a top pick for 2016. The retailer is undertaking several initiatives to drive traffic, sales and profitability higher over time, Tamminga tells investors in a research note. The analyst says the initiatives, which include expense savings, additional Sephora roll outs and center core remodels, give her further confidence in Penny's ability to recapture at least $2B of the $6B in lost revenues. She has an Overweight rating on the shares with a $20 price target.