Reginal Thomas
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CitiGroup Raises J.C. Penny's Raiting to Buy

Shares of J.C. Penny Co. rose 8.9% in early morning trading after Citigroup Inc. recommended buying the stock because of its nascent round about. The stocked reached as high as $9.17 in early morning trading. Citigroup's Oliver Chen said the department store's 2% gain in fourth quarter comparable store sales "bodes well" for continued sale momentum. He also said if J.C. Penny could meet its first quarter and full year forecasts, it could reduce concerns that the company doesn't have sufficient liquidity and that would drive shares higher.