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  1. Myron Ullman
  2. William D. Johnson
  3. Kevin Johnson
  4. William R. Johnson
  5. William Ackman
  6. J.C. Penney Company
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Citi Says it is 'Encouraged' by Penney's Plan

Ailing retailer J.C. Penney (NYSE:JCP) may have posted a wider-than-expected loss late Thursday and disappointing sales, but Citi (NYSE:C) raised its price target and says it is "encouraged."The bank lifted its target on Penney to $20 from $15 and maintained its "neutral" rating, saying it is encouraged by the strategic plan outlined by newly-appointed CEO Mike Ullman, though it was careful to highlight the areas in need of improvement."JCP will bring back private label in a major way, invest in depth of inventory to ensure in-stock availability, and utilize a 'test and learn' approach for its marketing to find the best way to reconnect with core customers," Citi analyst Deborah Weinswig said in a note to clients.Penney earlier this year re-hired former chief Mike Ullman to replace Ron Johnson as CEO after his "no sales" strategy failed to stem bleeding sales.The upbeat note by Citi failed, however, to completely draw investors from bear territory, and Penney's shares fell 3% to $18.26...

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