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Author: scottfm Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 591  
Subject: Upgrade by JP Morgan Date: 1/18/2007 10:11 AM
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nice bounce this morning and a lot of good things outlined here.

http://biz.yahoo.com/ap/070118/j_c_penney_ahead_of_the_bell.html?.v=1

Shares of department store retailer J.C. Penney Co. rose Thursday after JP Morgan analyst Charles Grom upgraded the stock on prospects for a new clothing line and cosmetics.

Grom upgraded the stock to "Overweight" from "Neutral" and set a $104 price target, expecting top-line drivers to lift same-store sales, which measures sales at stores open at least one year and are a strong gauge of a retailer's health.


some highlights:

+ Grom expects same-store sales in 2007 of 3 percent to 3.5 percent, driven by "easy comparisons" with the first half of the year

+ the rollout of Sephora cosmetics locations in J.C. Penney stores and new product launches, including the unveiling of Ambrielle, an intimate apparel brand.

+there is a possibility for a deal between Polo Ralph Lauren and J.C. Penney since Polo recently created an internal group to develop new "lifestyle" brands for specialty and department stores.
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