J.C. Penney (JCP) could be caught in the downdraft of its dying rival on the other end of the mall, and forced to close even more stores.

“Our analysis suggests that Sears ( SHLD) revenue donation is providing a moderate near-term boost [to J.C. Penney] to sales and earnings ($54 million in revenue, and $0.03 in EPS). However, we believe that any further Sears store closings may increase the likelihood that J.C. Penney will have to accelerate the closure of lower-tier mall locations, adding meaningful medium-term revenue and EPS risk of about $150- 200 million and $0.09,” wrote Credit Suisse analyst Christian Buss on Friday.

As a Sears store closes, it tends to reduce foot traffic in — and around — the mall. That means fewer shoppers visiting the J.C. Penney that’s still open in the mall or down the road. According to Buss’ analysis, when an anchor store in…