JC Penney: When a Downgrade is a Vote of Confidence

BTIG’s Will Frohnhoefer explains why his downgrade of JC Penney (JCP) to Neutral from Buy doesn’t mean he fears for the retailer’s future: Bloomberg We believe that the recent performance of JC Penney’s shares validates our original thesis: that despite the severe damage inflicted on the firm by the Johnson administration, JC Penney had the capital [...]