Piper Jaffray analyst Neely Tamminga says she's raising near-term concern about J.C. Penney and the broader retailing space after the New York Post reported that the retailer took actions to cut costs at quarter-end according to an internal memo. "Something isn't quite right broadly in retailing" and Penny is not immune, Tamminga tells investors in a research note. She continues to have a favorable view of the shares but feels "it may be wise to err on the side of caution" into Penny's May 13 earnings report. Tamminga has an Overweight rating on Penny with a $20 price target.