Dive Summary:
- Analyst Liz Dunn cut her share rating and price target of JC Penney by $15, down to $22.
- JC Penney has spent the 2012 trying to rebound, but a new marketing strategy introduced by CEO Ron Johnson left customers wanting more and the retailer with declining sales for the fourth year.
- Dunn is hopeful that 2013 will be a rebounding year for the company, with their transformation eventually working but taking longer than expected.
From the article:
"...Shares of J.C. Penney Co. fell Wednesday after a Macquarie Equities Research analyst downgraded the stock, saying efforts to revive the moderately priced department store model haven't worked..."
