Jack in the Box downgraded to Outperform from Top Pick at RBC Capital RBC Caital downgraded Jack in the Box to Outperform due to valuation. Price target raised to $45 from $38.
Jack in the Box sees FY13 EPS $1.55-$1.65, consensus $1.61 Sees FY13 SSS up approximately 1.5%-2.5%. FY13 SSS are expected to be approximately flat to up 1% at Qdoba company restaurants. Approximately 20 new Jack in the Box restaurants are expected to open, including approximately 6 company locations; 70-75 new Qdoba restaurants are expected to open, of which approximately 40 are expected to be company locations. Capital expenditures are expected to be $95-$105M.
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