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J. C. Penney Company, Inc. Message Board

  • nusaiba nusaiba Sep 26, 2013 9:16 AM Flag

    Breaking News!J. C. Penney (JCP) Has Even More Downside, Citi Says; Floor Value is $1/Share

    J. C. Penney (JCP) Has Even More Downside, Citi Says; Floor Value is $1/Share

    J. C. Penney (JCP) Has Even More Downside, Citi Says; Floor Value is $1/Share
    Citi reiterated a Sell rating and slashed its price target on J. C. Penney (NYSE: JCP) from $11 to $7 after revisiting their cash burn analysis following recent meetings with other retailers and vendors.

    While analyst Deborah Weinswig still believes J. C. Penney has ample liquidity this year, she said it is "prudent for them to raise capital to cushion against a potentially challenging Holiday season (six fewer days, C.H.E.A.P. consumer, loss of a weekend YOY, etc.)." Adequate cash for 2014/2015 is in question, she said.

    She added, "the turnaround is taking longer than we anticipated, and we are concerned about a softening macro environment combined with deteriorating vendor relationships (due to weak volumes and growing anxiety about on-time payments during and after Holiday).

    On where's the floor for the stock, the analyst conducted a basic liquidation valuation, yielding $324M total value, or $1/share (see chart below).

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JCP
10.80-0.05(-0.46%)Aug 29 4:00 PMEDT

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