UPDATE: Citi Initiates Coverage on J.C. Penney with Neutral Rating, $6.50 Price Target

Coverage was initiated on JC Penny Co. Inc (NYSE: JCP ) with a Neutral rating and $6.50 price target of $6.50 at Citigroup Wednesday morning. Oliver Chen, analyst at Citi, believes JC Penny, “has a number of initiatives in place to bring customers back to stores and improve margins”