This column was originally published on RealMoney on Nov. 10. It's being republished as a bonus for TheStreet.com readers. For more information about subscribing to RealMoney, please click here.

Nope, nobody's believing the

J.C. Penney

(JCP) - Get Report

story yet. Or at least, not

the

new

Penney story. Mike Ullman made it clear to me

last night on "Mad Money" that J.C. Penney will have accelerating revenue growth because of initiatives put in during the fourth quarter, including a critical rollout of high-end products like the in-store Sephora boutiques.

We've got some mild target bumps, but those who are negative are staying negative. They don't believe.

What's my beef? The 15 multiple with the 14% sales growth. That's what Penney's offers. It doesn't matter that the stock's up huge. You have not-so-hot retailers like

Gap

(GPS) - Get Report

and

Limited

(LTD)

selling at much higher multiples to earnings that aren't as solid as Penney's. And those have no where near the growth that J.C. Penney has, both internal via same-store sales and external via new stores, because Penney is under-stored vs. the majors.

Frankly, I don't know when this perception is going to change vs. the reality. The company keeps delivering and delivering.

Maybe it will always be undervalued. But for an undervalued stock, it sure is making a lot of people a lot of money while the analysts keep trying to call a bottom in a Gap or a turn in an

Urban Outfitters

(URBN) - Get Report

or a

Chico's

(CHS) - Get Report

.

I guess J.C. Penney remains the easiest money in the group.

At the time of publication, Cramer had no positions in any of the stocks mentioned.

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