Goldman Sachs Cuts J.C. Penney to 'Underperform'

Analyst George Strachan says he lowered his rating given continuing underperformance at Eckerd, higher planned inventory levels, fierce competitive dynamics, and an uncertain outlook

Goldman Sachs downgraded J.C. Penney (JCP ) to underperform from in-line. On Tuesday, the department store operator reported first-quarter earnings per share of 20 cents.

To continue reading this article you must be a Bloomberg Professional Service Subscriber.