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Fly News Breaks for May 16, 2016
JCP
May 16, 2016 | 05:43 EDT
Baird analyst Mark Altschwager raised his rating on J.C. Penney to Outperform from Neutral with the shares down 30% from the highs in March. With a "credible turnaround story unfolding" at the retailer, the stock's current risk/reward profile is attractive, Altschwager tells investors in a research note. Further, management's financial targets are achievable despite secular pressures impacting the industry, the analyst contends. He raised his price target for Penny shares to $12 from $11. The retailer closed Friday down 22c to $7.59.
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