Jack in the Box downgraded to Hold from Buy at Truist

Truist downgraded Jack in the Box (JACK) to Hold from Buy with a price target of $22, down from $51. The firm says that following another quarter of same-store-sales underperformance and upcoming promotions at competitors, it does not see near-term SSS catalysts driving the stock higher, despite Jack in the Box’s “historically low valuation. ” Management’s “Jack-on-Track” plan is helpful but does not focus directly on improved operations, which would be more of a driver of shareholder value, the analyst tells investors in a research note.