J.C. Penney Spikes on Optimism Over First Quarter Outlook

J.C. Penney charged higher after analysts at Piper Jaffray turned bullish on its stock.
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J.C. Penney charged higher after analysts at Piper Jaffray turned bullish on its stock. The firm raised its price target by a $1 to $14 and bumped first-quarter comps estimates to 3% from a previous 1% estimate. Analysts were optimistic despite J.C. Penney's bumpy road to recovery in recent years. The retailer has struggled with slumping sales, less foot traffic and slow-going turnaround efforts. But, the firm sees a solid quarter ahead with weather conditions more favorable than last year, and the release of the Apple watch next month likely to increase mall visitors. The boost of confidence pushed shares 7.4% to $8.41 a share.