J.C. Penney FY12 estimate cut well below consensus at Deutsche Bank

Deutsche Bank lowered its FY12 GAAP EPS estimate for J.C. Penney to 85c from $1.58, well below the consensus of $1.62, and dropped its price target for shares to $26 from $38. Deutsche expects the company's same-store-sales trends could get worse before getting better and keeps a Hold rating on the stock.