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J. C. Penney Company, Inc. Message Board

  • nusaiba nusaiba Sep 26, 2013 8:03 AM Flag

    Breaking News!Maxim Group is maintaining a Buy rating on JCPenney (NYSE: JCP), but trimming its price target from $27 down to $22 into Q3 results.

    Maxim Group is maintaining a Buy rating on JCPenney (NYSE: JCP), but trimming its price target from $27 down to $22 into Q3 results.

    Analyst Rick Snyder said that the firm is cutting its Q3 comparable-store sales estimate from positive 9 percent to zero. The analyst commented, “The reduction is primarily due to the clearance necessary in the remodeled home departments. These departments are in the process of being remerchandised which we believe will hurt near term comps.” He sees remerchansiding done by the end of hte year with sales gradually improving in 2014 and thereafter.

    Non-remodeled departments have been outperforming remodeled ones, Snyder said, and realigned home inventories should boost Q4, FY14 sales.

    Restocking stores with basics and private-label merchandise should help bolster margins, Snyder noted. His Q4 gross margin estimate moves up 1.5 points to 37 percent. Specific emphasis was placed on the St. John's Bay brand, which had peak sales of $1.0 billion at one point, but was ousted by former CEO Ron Johnson. Full restocking of this brand is expected to be complete by the end of Q3.

    Snyder's Q3 loss outloo
    k moves from 59 cents to $2.27 per share, while Q4 EPS moves from $0.12 to $0.22. FY13 loss outlook widens from $4.09 to $5.66 per share, while FY14 loss estimate stands at $3.06 per share.

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