Deutsche Bank analyst Paul Trussell, while commending J.C. Penney for making strides on margins, remains on the sidelines with respect to the shares as he waits for more detail on the "Plan for Renewal," specifically around the timing of in store initiatives as well as more color on the cost reduction opportunity. He believes the company is taking the necessary steps to stabilize the business, but finds it difficult to form a clear picture of the likely pace or level of improvement on the top-line into fiscal 2020. As such, the analyst keeps a Hold rating on the shares post the retailer's Q3 results.