JACK - Jack in the Box initiated at Buy as Loop Capital forecasts strong sales ahead
2023-03-31 10:47:17 ET
Jack in the Box ( NASDAQ: JACK ) stock rose sharply on Friday after Loop Capital sees strong comparable sales growth in 2023.
Loop Capital analyst Alton Stump sees strong sales in the year ahead, bolstered by product innovation and momentum in the Del Taco brand. For the core Jack in the Box brand, Loop is modeling system-wide same-store sales growth of 6.2% in the second quarter and 5% for the full year.
Stump started coverage of the California-based restaurant operator at Buy and assigned teh stock a $114 price target. Shares of Jack in the Box ( JACK ) rose 2.3% on Friday.
Read more on recent channel checks from Citi and UBS on restaurants .
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Jack in the Box initiated at Buy as Loop Capital forecasts strong sales ahead