BofA analyst Sara Senatore reinstated coverage of Jack in the Box with a Buy rating and $85 price target. The company’s data driven approach has translated into higher restaurant volumes and structurally higher franchisee returns, “the linchpin of unit growth,” the analyst tells investors in a research note. The firm believes Jack in the Box’s fiscal 2023 franchisee cash flow per store should recover to 2021’s peak of $220,000 while Del Taco has already exceeded previous peaks. It expects this to drive earnings and multiple expansion.
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