DA Davidson Upgrades Jack In The Box (JACK) to 'Buy' Ahead of Earnings Release; Turnaround on Track with Upside to 2012 Numbers

DA Davidson upgraded Jack In The Box (NASDAQ: JACK) from Neutral to Buy, price target raised from $23 to $27.

DA analyst says, "Quarter likely to meet expectations. Our $0.40 EPS estimate matches consensus. (Street estimates range from $0.33-$0.50). We estimate revenues declined ~11% to $499.8 million, compared to consensus at $491.5 million. We anticipate operating earnings of $0.18 per share with $16.1 million of gains from refranchising in the quarter."

"Lower 2012 estimates still above the Street. We are decreasing our 2012
earnings estimate to $1.92 from $2.02. The primary driver is a more conservative assumption for refranchising gains. We are still $0.20 ahead of the Street."

For an analyst ratings summary and ratings history on Jack In The Box click here. For more ratings news on Jack In The Box click here.

Shares of Jack In The Box closed at $20.29 yesterday.

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