Reuters: Global Markets: Penney shares plunge after analyst sets $1 price target

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Penney shares plunge after analyst sets $1 price target Oct 21st 2013, 20:36 Share this Email Print Reprints Mon Oct 21, 2013 3:40pm EDT (Reuters) - J.C. Penney Co Inc (JCP.N) shares sank to a more than 30-year low on Monday after an analyst slashed her price target on its shares to $1 from $5, citing increasing concerns that the retailer "may engage in a financial restructuring in 2014." A representative for Penney was not immediately available for comment. Last week, a spokeswoman denied a market rumor that the chain had hired bankruptcy counsel. Imperial Capital analyst Mary Ross Gilbert cut her one-year price target on the stock from $5 to $1. Gilbert cut her rating on Penney's shorter-dated bonds, those maturing from 2015 to 2018, to "sell" after previously having a "hold" rating on the 2015 bonds and a buy rating on those maturing in 2016-2018. Shares of J.C. Penney were down 7.3 percent at $6.49 in afternoon trading on the New York Stock Exchange after falling as low as $6.27 earlier in the session. The shares traded as low as $6.25 in 1981, according to Thomson Reuters data. The company has been struggling to revive sales after a failed experiment in 2012 to go upmarket alienated long-time shoppers and depleted its cash reserves. J.C. Penney incurred huge losses and spent large amounts of money on store remodels. Earlier this month, the company closed a public offering of new shares that raised $785 million in a sale partly meant to reassure suppliers and their financiers that it had enough cash on hand. (Reporting by Jessica Wohl in Chicago; Editing by Nick Zieminski) Link this Share this Digg this Email Reprints

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