Jefferies Raises Price Target on Jack in the Box (JACK) Following 3Q Earnings Report
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Jefferies reiterated a Buy rating on Jack In The Box (NASDAQ: JACK), and raised the price target to $112.00 (from $100.00), following the company's 3Q earnings report. Jefferies believes the JIB brand will continue to be a net share gainer in QSR despite the stumble in late ‘15/ early '16, which is thought to be largely self-inflicted. Qdoba trends remain better than feared at 1-2% in July, where the brand is likely continuing to see positive traffic as it did in F3Q, despite significant slowing more broadly in the fast casual category in recent months.
Analyst Alexander Slagle commented, "While much of the EPS upside came from cost reductions and more favorable commodity costs, underlying SSS trends continue to improve and leave us more confident that both brands can compete effectively. That said, the external environment remains challenging and could make it tough to see SSS exceed the modest 1-2% NT outlook, but with plenty of new food news and appealing promotions ahead, further upside is not out of the question."
Shares of Jack In The Box closed at $96.99 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesJefferies & Co, Earnings
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