Piper Jaffray Reiterates “Neutral” Rating on JC Penny (NYSE: JCP)

Piper Jaffray Reiterates “Neutral” Rating on JC Penny (NYSE: JCP)

Piper Jaffray analysts reiterated their “neutral” rating on shares of J.C. Penney (NYSE: JCP) with a price target of $22.00 in a research note to investors on Monday.

J. C. Penney Company, Inc. (JCPenney) is a holding company whose principal operating subsidiary is J. C. Penney Corporation, Inc. (JCP). The Company is a retailer, operating 1,108 JCPenney department stores in 49 states and Puerto Rico as of January 30, 2010. Its business consists of selling merchandise and services to consumers through its department stores and Direct (Internet/catalog) channels. JCPenney sells family apparel and footwear, accessories, fine and fashion jewelry, beauty products through Sephora inside JCPenney and home furnishings. In addition, its department stores provide with services, such as styling salon, optical, portrait photography and custom decorating.

Shares of JCP traded down 1.31% hitting $19.56 during mid-day trading on Monday.

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