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Fly News Breaks for May 15, 2017
JCP
May 15, 2017 | 07:38 EDT
As reported previously, Baird analyst Mark Altschwager downgraded J.C. Penney to Neutral from Outperform. The analyst said despite management putting the company on a better path, core EBITDA growth looks more tenuous and valuation expansion is difficult as industry headwinds intensify and earnings quality erodes. Altschwager lowered his price target to $5 from $9 on J.C. Penney shares, which were also downgraded this morning at Deutsche Bank.
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