Shares of J.C. Penney Co. Inc. is falling again in early trading Monday on the New York Stock Exchange.
The stock is currently in the $6.82 trading range at 11:15 a.m., after having ended Friday’s trading session at $7.00.
An analyst at Imperial Capital has cut its target price of Penney’s shares to $1.00 from $5.00. The firm has an “underperform” rating on the stock, and the analyst noted there are increasing concerns that the retailer may require a financial restructuring next year in the form of bankruptcy court protection.
Penney’s hasn’t yet responded to a request for comment.