Goldman Pegs J.C. Penney Company, Inc. (JCP) Target Price At $9.50

Goldman Sachs Group Inc (NYSE:GS) analysts believe J.C. Penney Company, Inc. (NYSE:JCP)’s greater emphasis on private labels should help the retailer capture its traditional customer base and drive its gross margin back towards historical levels. Stephan Grambling and Christopher Prykull of Goldman Sachs Group Inc (NYSE:GS) in their recent coverage on the retailer, however believe incremental markdowns are likely in the near term due to the re-merchandising. J.C. Penney’s thrust towards private label As Goldman Sachs analysts noted last week, J.C. Penney Company, Inc. (NYSE:JCP) announced it is continuing to reduce portions of its national branded inventory to emphasize more of its…