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J.C. Penney’s Target, Estimates Cut at Morgan Stanley (JCP)

Department store operator J.C. Penney Company, Inc. ( JCP ) on Wednesday saw its price target and earnings estimates lowered by analysts at Morgan Stanley.

The firm said it now expects JCP shares to reach $25, suggesting a more than 5% downside to the stock's Tuesday closing price of $26.47.

Morgan Stanley also maintained its "Underweight" rating and lowered its earnings estimates for the company, citing increased competition in the retail space.

J.C. Penney shares were mostly flat in premarket trading Wednesday.

The Bottom Line

Shares of J.C. Penney ( JCP ) have a 3.02% dividend yield, based on last night's closing stock price of $26.47. The stock has technical support in the $21-$25 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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