J.C. Penney (NYSE: JCP) is seen as the stock to buy in 2016 at Piper Jaffray. The sell-side firm has recommended the stock as top pick for the current year, yet again, and against all odds. The company’s stock rose significantly at the open of market on the back of a very impressive earnings call. Piper Jaffray holds a very positive sentiment for the stock and believes a turnaround is around the corner, which was partially realized as the stock rose to its highest peak since the beginning of the year 2016.

Piper Jaffray analyst, Neely J.N. Tamminga, kept the company’s Overweight rating intact and increased the price target by a dollar to $20 from $19. The analyst believes there are a lot of positives for the stock stacked to be realized in 2016. He further added that at Piper Jaffray the stock was viewed as top investment opportunity, as the firm was largely positive on a JCP comeback story.

Given the current analyst opinion on the stock, the positivity coming from Piper Jaffray for JCP is both brave and optimistic as almost 66% of the analysts have a Neutral or Sell rating, while, one third of the shares are short. Piper Jaffray retains a very positive view of the CEO Marvin Ellison and has shown belief in his leadership capabilities and his skilled team.

Piper Jaffray expects the firm to post a positive EPS in the year 2016 against the consensus view of a negative. EBITDA is expected to turn out at $1 billion, as the company pushes to realize the long term goal of $1.2 billion, or above EBITDA by the end of 2017.

The analyst opinion tally is 1 Strong Buy, 7 Buys, 11 Holds and 5 Underperforms. The stock is currently being traded at $9.34, almost 12% above the price at the close of market yesterday