UPDATE: Citi Raises PT to $41 on JC Penney

A report from Citi reiterates its Buy rating and raises its price target from $40 to $41 on JC Penney (NYSE: JCP).

The report states, “JCP reported 3Q11 EPS results that were one penny below our estimate (excl. restructuring charges). The company significantly accelerated investment in its transformation initiatives during the quarter, and also announced the addition of two former Apple executives to its senior management team: Daniel Walker (who will become Chief Talent Officer) and Michael Kramer (who will become COO).”

JCP closed yesterday at $32.98.