• Most Popular
  • Most Shared

J.C. Penney shares set for rebound - Barron's

Sun Dec 16, 2007 1:46pm EST

Stocks

   

NEW YORK, Dec 16 (Reuters) - Department store operator J.C. Penney Co Inc (JCP.N) is set for a rebound after losing about half of its value since February, Barron's reported on Sunday.

Stocks

"This is as cheap as J.C. Penney has gotten in the last 15 years," S. Basu Mullick, a portfolio manager at Neuberger Partners Fund, which owns 2 million of the retailer's shares, told Barron's.

At nine times forward earnings, Penney's trades at a discount to rivals Kohl's (KSS.N) and Macy's (M.N), which both trade at more than 10 times, Barron's says.

The investor weekly says the shares could rise to over $60 a share within 12 months.

J.C. Penney shares, which hit a 12-month high of $87.18 on Feb. 21, closed Friday at $42.52. (Reporting by Chris Reiter; Editing by Steve Orlofsky)

Stocks


More from Reuters

U.S. Speaker of the House Nancy Pelosi (C) is surrounded by reporters as she walks towards the U.S. House of Representatives chamber to begin the vote on health care reform on Capitol Hill in Washington, March 21, 2010. REUTERS/Larry Downing

Historic healthcare reform passes

The House of Representatives approved a sweeping healthcare overhaul to create the biggest policy changes in decades, handing President Obama a landmark victory.  Full Article | Video 

Healthcare reform
A soldier guards hundreds of bags of wheat seed in the isolated district of Nad Ali's district centre in the west of Helmand province, October 17, 2009

Dirty money and Afghan war

As the war in Afghanistan enters its ninth year, the U.S. has finally realized the best way to stop the conflict is to cut the flow of drug money, columnist Bernd Debusmann writes.   Commentary 

    Afghanistan
    An H1N1 flu vaccine inoculation is given at the Geisinger Medical Center in Danville, Pennsylvania October 28, 2009. REUTERS/Brad Bower

    A new stab at conquering pain

    Millions of people worldwide suffer chronic pain that can last weeks, months or years but relief may be on the way.  Full Article 

      Pharmaceuticals