J.C. Penney Stock Rating Cut at Citigroup, Oppenheimer

J.C. Penney Co. had its ratings cut at Citigroup Inc. and Oppenheimer & Co., leaving only one analyst bullish on the department-store company, as patience for its turnaround attempt evaporates.

Citigroup’s Deborah Weinswig wrote in a note today that a meeting with managers including Chief Executive Officer Ron Johnson at the Plano, Texas-based company’s headquarters prompted concerns that sales growth will take longer than expected to return. Oppenheimer’s Brian Nagel said that risks are building and could “disrupt or even derail” its recovery. Both analysts trimmed their ratings to the equivalent of a hold.