J.C. Penney Removed from Goldman’s “Conviction Buy” List (JCP)

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Department store operator J.C. Penney Company, Inc. ( JCP ) saw its shares removed from Goldman Sachs' prestigious "Conviction Buy" List on Wednesday.

The firm said it made the cut due to macroeconomic uncertainly, which could hurt the company's turnaround potential. Goldman current has a $38 price target on the stock, which had closed at $26.65 on Tuesday.

J.C. Penney shares fell 16 cents, or -0.6%, in premarket trading Wednesday.

The Bottom Line
We recently removed shares of JCP from our recommended list on Nov.2, when the stock was trading at $33.13. The company has a dividend yield of 3.00%, based on last night's closing stock price of $26.65. The stock has technical support in the $24 price area. If the shares can firm up, we see overhead resistance around the $30 price level. We would remain on the sidelines for now.

J.C. Penney Company, Inc. ( JCP ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Stocks

Referenced Stocks: JCP

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