J.C. Penney Management Changes Welcome, But Citi Rates It A Sell

Citigroup Inc. (NYSE:C) analyst Deborah L Weinswig is encouraged by recent managerial changes at J.C. Penney Company, Inc. (NYSE:JCP) but continues a Sell rating on the retailer and a price target over 12 months of $7. Management changes in J.C. Penney Internal promotions: Out of six senior management positions that were filled by J.C. Penney Company, Inc. (NYSE:JCP) recently, five were drawn from the company itself. Ken Mangone, currently EVP for Product Development, Design and Sourcing, will assume additional responsibility for Supply Chain. Jan Hodges, who was SVP of Marketing, becomes SVP and GMM of Home. Kirk Waidelich, currently VP of…