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Actionable news in JCP: J.C. PENNEY COMPANY Inc,

J.C. Penney (JCP) Stock Rated 'Hold' at Jefferies

NEW YORK (TheStreet) -- Shares of J.C. Penney (JCP - Get Report) are down 4.21% to $8.07 late Tuesday afternoon as Jefferies rated the stock "hold" this morning with a $9 price target.

The firm made the decision citing "a challenging retail environment that may hinder progress."

The Plano, TX-based department store retailer is on the "road to recovery" after being placed under new management, a move that helped drive market share gains, Jefferies analysts said in an investor note.

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J.C. Penney announced yesterday plans to expand its new appliance showroom concept to 500 stores nationwide...