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J.C. Penney's (JCP) common stock remains highly speculative despite improved gross margin performance in Q2 2019 and a number of insider purchases. If J.C. Penney can pull off a turnaround, its common stock probably does have quite substantial upside, but I would also not call it a value (at least compared to its peers) at its current sub-$1 price. One reason for that is that even in a turnaround scenario, J.C. Penney's net debt to EBITDA multiple alone may be pretty close to the EV/EBITDA multiples that companies such as Kohl's and Macy's