Bullish on J. C. Penney

We recently upgraded our recommendation on J. C. Penney Company Inc. (JCP) to Outperform encouraged by better-than-expected fourth quarter 2010 results. Earlier, we had a Neutral rating on the company, which is one of the leading retailers of apparel and footwear, accessories, fashion jewelry, beauty products and home furnishings. Quarterly earnings of $1.23 per share [...]