Half a year into J.C. Penney’s strategy to transform its retail experience for shoppers, one analyst expressed doubt that the company’s same-store sales declines had stabilized.

During the quarter, the company’s same-store sales , also known as comps and a key metric for retailers, dropped 21.7 percent.

“I’m not entirely convinced that down 20 is the floor, but I think for the most part I think people are a little bit more encouraged in terms of what they saw month-to-date on traffic trends, which is why I think the stock has kind of bounced back here so far,” said Charles Grom, senior retail equity analyst at Deutsche Bank.

Grom has a “neutral” rating and a $18 price target on the company’s shares. On Friday, J.C. Penney’s shares closed at $23.42 on the New York Stock Exchange, up nearly 6 percent.

The company has lost market share as it tries to wean value-hungry consumers off discounts.

Although Grom told CNBC’s “Squawk on the Street” that “the jury is still out” as to whether the 102-year-old retailer can keep its core customer, he emphasized the importance of holding onto these buyers.

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