Loop Capital starts Jack in the Box at Buy, sees comps ‘recovering nicely’

As previously reported yesterday, Loop Capital analyst Alton Stump initiated coverage of Jack in the Box with a Buy rating and $114 price target. The company’s underlying same-store sales for the Jack in the Box concept accelerated over the last five quarters in a row thanks to the recent innovations such as the Mega Munchie Box as well as the consumer shift towards value over the last 12+ months, the analyst tells investors in a research note. Loop Capital adds that Jack in the Box has made strides over the last several quarters in returning to within one hour of pre-pandemic hours of operation by the end of 2022, which is particularly important for the company’s key late-night business.