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Fly News Breaks for February 27, 2017
JCP
Feb 27, 2017 | 07:57 EDT
Baird analyst Mark Altschwager noted J.C. Penney reported better than expected Q4 results but said intense headwinds in the apparel/department store space more than offset management's progress in key growth areas. As a result, management lowered guidance. However, given the actions by the company and a clearer path to an earnings recovery, Altschwager sees an attractive risk/reward at current levels. Altschwager maintained his Outperform rating but lowered his price target to $9 from $11 on J.C. Penney shares.
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