Imperial Capital Halves J.C. Penney Company, Inc. (JCP) Price Target

Imperial Capital analysts have maintained their Underperform rating on J.C. Penney Company, Inc. (NYSE:JCP) and lowered their price target to $2.50 from $5.00. Analysts Mary Ross-Gilbert and Seweryn Sztalkoper of Imperial Capital, however, maintained their Buy rating on the longer-dated senior notes of JCP. Substantial debt burden The Imperial Capital analysts anticipate JCP’s financial results to improve significantly over the next couple of years. However, the analysts believe J.C. Penney Company, Inc. (NYSE:JCP)’s increased debt levels associated with cash burn and the anticipated improvement in EBITDA doesn’t sufficiently justify JCP’s current price. The analysts halved J.C. Penney Company, Inc. (NYSE:JCP)’s…