Jack in the Box price target raised to $23 from $17 at Piper Sandler

Piper Sandler raised the firm’s price target on Jack in the Box (JACK) to $23 from $17 and keeps a Neutral rating on the shares following quarterly results. The top-line remains pressured at the Jack in the Box brand, with a same-store sales result of down 6.7% for the Q1 time period. In addition, from the call, Piper gathers that quarter-to-date same-store sales are currently running firmly negative, and will likely remain so for the full Q2 time period. That said, the company expects a return to positive same-store sales in the second half of the fiscal year.