Jack in the Box upgraded to Outperform from Neutral at Wedbush

Wedbush analyst Nick Setyan upgraded Jack in the Box to Outperform from Neutral with a price target of $88, up from $79. The analyst believes Jack in the Box’s current 45% discount to franchised quick service restaurant peers and 21% discount to its own five-year pre-COVID median multiple “is an overly pessimistic assessment” of management’s ability to deliver on same-store-sales growth and unit growth targets. The firm believes upside to second half of fiscal 2024 expectations exists.