J.C. Penny Co. was hit with a downgrade at Credit Suisse as the retailer’s sales continue to slow. Analyst Michael Exstein lowered his rating to underperform from neutral and cut his target price to US$15 from US$25 after the company reported its fifth straight quarterly loss on Friday. Mr. Exstein noted that J.C. Penny’s cash position continues to dwindle and it is expected to generate only a minimal amount of EBITDA in 2012 and 2013. The company has already sold US$525-million in non-core assets this year. “Time is no longer on J.C. Penny’s side, and going into the fourth quarter...