NEW YORK (TheStreet) -- Shares of J.C. Penney Co. (JCP) were slipping, down 5.51% to $8.23 on heavy volume in mid-morning trading Thursday, following the release of the department store's first quarter financial results after the closing bell on Wednesday.
Still, J.C. Penney had its price target increased to $15 from $14 by analysts at Piper Jaffray this morning.
The firm maintained its "overweight" rating on shares of the retailer, calling its first quarter financial results "solid."
For the first quarter, J.C. Penney posted a narrower than expected loss of 57 cents per share, compared to the loss of 76 cents per share consensus estimate, according to analysts surveyed by Thomson Reuters.
Revenue came in at $2.86 billion for the period, matching the $2.86 billion analysts were expecting.
The company also raised its full year margin and same store sales guidance. It now expects comp sales to rise between 4% to 5%, up from its prior guidance of a rise of between 3% to 5%.
The retailer expects gross margin to improve between 100 to 150 basis points, up from its previous guidance of 50 to 100 basis points.
Plano, Texas-based J.C. Penney is a holding company with its business consisting of selling merchandise and services to consumers through its department stores and its Internet site.
The company sells family apparel and footwear, accessories, fine and fashion jewelry, beauty products through Sephora inside J.C. Penney, and home furnishings.
Insight from TheStreet's Research Team:
Brian Sozzi commented on J.C. Penney in a recent post on RealMoney.com. Here is what Sozzi had to say about the stock: