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(Corrects 1st paragraph to show that belief in stock value is based on conditions)
NEW YORK, April 11 (Reuters) - J.C. Penney Co Inc board member William Ackman said on Thursday that he still believes the retailer's shares could be worth $75 each, if revenue returns to 2011 levels and yearly expenses are contained at current levels, instead of the $15 they trade at now.
Speaking at a luncheon in New York, Ackman also said the new chief executive, Myron Ullman, was "the right guy at the right time." (Reporting by Martinne Geller in New York; Editing by Gary Hill)