J.C. Penney Company, Inc. (JCP) PT Lowered By 40 Percent

J.C. Penney Company, Inc. (NYSE:JCP) has warned that it will have less cash on hand at the end of the year than expected because of what looks likely to be a challenging holiday season. After pushing a public offering forward because of liquidity concerns, lowering expectations are signs of more trouble ahead for the struggling retailer, and Mary Ross-Gilbert at Imperial Capital has lowered her price target from $8 to $5. J.C. Penney’s IPO J.C. Penney Company, Inc. (NYSE:JCP) held a public offering at the end of September, selling 84 million shares of common stock for $9.65, with a 30 day option…