UPDATE: Piper Jaffray Cuts PT to $16 on J.C. Penney Following Bleak Q4 Results

Piper Jaffray maintained J.C. Penney (NYSE: JCP ) with a Neutral rating and lowered the price target from $17.00 to $16.00. Piper Jaffray commented, "We remain cautiously optimistic that a meaningful turnaround in sales is possible in 2H13 if an expanded lineup of shops can drive traffic increases, but should