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J.C. Penney rising on UBS Upgrade

 (Image source: investorplace.com)

J.C. Penney Company, Inc. (NYSE:JCP) shares are climbing higher in the early session of the trading on the back of an upgrade from UBS. UBS upgraded the retailer from sell to neutral. The price target was raised from $4 to $9 a share. According to UBS, the chance of J.C. Penney missing first quarter same-store sales estimates is slim. In addition, UBS is expecting a rise in same-store sales for the second quarter. J.C. Penney will release first quarter earnings next week.