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U.S. Equity Research News
Hood Downgrades J.C. Penney (JCP) to MARKET PERFORM from OUTPERFORM
April 23, 2009
Wayne Hood, senior research analyst covering Broadline Retail, has today downgraded J.C. Penney (JCP) to a MARKET PERFORM rating from OUTPERFORM.
From Hood's note: "Our comments follow JCP’s analyst meeting in New York where the company raised 1Q EPS guidance to 'flat to slightly positive' from a loss $0.05-$0.10 and original guidance of a loss of $0.20- $0.30 per share. There was no updated full- year 2009 guidance from the 'profitable GAAP EPS' that had already been given. Absent the change in EPS guidance, there was no material new 2009 information, in our view. We are lowering our rating to MARKET PERFORM as we now believe the stock’s multiple reflects the prospects of a stable to improving trend in the fundamentals."
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