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Another Positive Upgrade for JCPenney

After receiving a positive outlook several weeks ago from the rating agency Standard’s and Poor, J.C. Penney Company, Inc. (NYSE:JCP) has additional reasons to cheer about today courtesy of Citigroup. Citi upgraded J.C. Penney from neutral to buy. Citi believes that the struggling retailers will meet its comp store sales guidance for fiscal year 2014. The positive view on comparable store sales is driven by J.C. Penney’s strategy of “going back to basics”, which encompasses upgrading its home merchandise and focusing stocking merchandise that people want to buy. As a result of the assessment, the price target was raised from $7.50 to $11 a share.