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Reiterating Our $26 Per Share Fair Value Estimate on JC Penney

publication date: May 16, 2012
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We kept a clear head in the face of all the hoopla surrounding JC Penney's new strategic initiatives prompted by former Apple executive Ron Johnson joining the firm last June. As we had expected, the retailer posted a massive first-quarter loss, and we expect continued valuation downside in the shares to the mid-$20s. 

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