Famous retailer J.C. Penney Company, Inc. ( JCP ) on Monday saw its price target and earnings estimates lowered by analysts at Citigroup.
The firm said it now expects JCP shares to reach $38, which still represents a healthy 22% upside to the stock's Friday closing price of $31.13.
Citigroup also cut its earnings estimates for the company, citing the loss of its catalog as a drag on its sales. Still, it maintained its "Buy" rating on the stock.
J.C. Penney shares were mostly flat in premarket trading Monday.
The Bottom Line
Shares of J.C. Penney ( JCP ) have a 2.57% dividend yield, based on Friday's closing stock price of $31.13. The stock has technical support in the $28 price area. If the shares can firm up, we see overhead resistance around the $34 price level.
J.C. Penney Company, Inc. ( JCP ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.
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