Jack in the Box upgraded to Buy from Hold at Stifel

Stifel analyst Chris O’Cull upgraded Jack in the Box (JACK) to Buy from Hold with a price target of $32, down from $35. The firm views last week’s announcement as a “clearing event” for the stock. New CEO Lance Tucker has created a viable plan to strengthen the balance sheet and simplify the investment narrative, the analyst tells investors in a research note. Stifel believes reducing debt by $300M over the next 12-18 months should materially improve the equity value, while investors can focus on a single, super-regional brand, JIB, which is “highly franchised with significant comp growth potential.”