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Goldman Sachs Resumes Coverage on J.C. Penney with a “Neutral” Rating (JCP)

Department store operator J.C. Penney Company, Inc. ( JCP ) on Wednesday saw its coverage resumed with a "Neutral" rating by analysts at Goldman Sachs.

The firm also set a $27 price target on JCP shares, suggesting a small upside to the stock's Tuesday closing price of $26.23.

A Goldman analyst commented, "While the new management catalyst should enhance JCP's lagging performance, its middle income exposure to today's more challenging backdrop likely overwhelms any potential near-term positives." The company recently hired former Apple and Target exec Ron Johnson to be its new CEO.

J.C. Penney shares were unchanged in premarket trading Wednesday.

The Bottom Line

Shares of J.C. Penney ( JCP ) have a 3.05% dividend yield, based on last night's closing stock price of $26.23. The stock has technical support in the $23-$24 price area. If the shares can firm up, we see overhead resistance around the $29-$30 price levels.

J.C. Penney Company, Inc. ( JCP ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.2 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 Nasdaq, Inc.

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

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