Piper Sandler Starts Jersey Mike's Subs (JMKE) at Overweight

Piper Sandler analyst Brian Mullan initiates coverage on Jersey Mike's Subs (NYSE: JMKE) with a Overweight rating and a price target of $29.00.

The analyst comments: “We are initiating coverage of JMKE with an Overweight rating and a Price Target of $29. As we see it, JMKE represents a unique situation amongst the public restaurant company landscape in that it has already achieved sufficient scale and brand awareness; but at the same time, it still has a long runway for growth ahead. Most important to said growth is JMKE’s domestic unit growth opportunity, where there are quite rational reasons to believe that it can more than double its current store count. In addition to its domestic store growth opportunity, we are also intrigued by the potential for a capital return program to commence (over the near-to-medium term) and by its International growth opportunity (over the medium-to-long term). Finally, we note that our $29 price target implies ~22% upside from current levels.”

For an analyst ratings summary and ratings history on Jersey Mike's Subs click here. For more ratings news on Jersey Mike's Subs click here.

Shares of Jersey Mike's Subs closed at $23.86 yesterday.

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