BTIG affirms its Buy rating and $93 price target on Jack in the Box (Nasdaq: JACK) following Q1 results issued Wednesday night.

Analyst Peter Saleh noted that the stock will see pressure following the earnings miss, but there were some positives, which included the increase in Jack in the Box franchise mix target and a reduction in G&A.

Saleh noted: Management attributed the weaker comps to aggressive value promotions from competitors, McDonald’s launch of All Day Breakfast and the shift of some promotional activity to 2QF16. Comps weakened in the later part of the quarter due to the competitive discounting and guidance suggests they are currently trending in the (3.0%) range.

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