Oppenheimer Comments On J.C Penney As Sales Growth Picks Up
Oppenheimer analyst Brian Nagel weighed in with his thoughts on J.C Penney Company (NYSE:JCP), reiterating a Perform rating on the stock, without suggesting any price target.
Nagel commented: “We look quite favorably on the better than expected holiday sales results that JCPenney announced after the close on Tues. (1/6). Same-store sales rose 3.7% on top of a 3.1% comp gain a year ago. The JCP press release was short and devoid of significant color. Commentary from management implies that effective promotions helped to drive sales but that sales did not necessarily come at the expense of margins.”
The analyst added, “We believe that more conducive temperatures across the country helped to spur improved top-line trends at JCP following a lackluster Q3 (Oct.).”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Brian Nagel has a total average return of 4.5% and a 58.9% success rate. Nagel has a -32.5% average return when recommending JCP, and is ranked #1057 out of 3429 analysts.