Jack in the Box price target lowered to $72 from $77 at BofA

BofA lowered the firm’s price target on Jack in the Box to $72 from $77 and keeps a Buy rating on the shares. The firm is adjusting its Jack in the Box estimates to better reflect the timing of new builds, stating that while “confident that development agreements will come to fruition,” it expects new builds will open more ratably over the five-year agreements. Among the fast-food hamburger restaurant category, Jack’s growth opportunities are “most undervalued,” as is the opportunity to unlock value through further Del Taco refranchising, the analyst tells investors.