These Analysts Cut Their Forecasts On Jack In The Box After Q3 Results

Core Insights - Jack in the Box Inc. reported mixed results for its third quarter, with earnings per share of $1.65, exceeding analyst expectations of $1.51 by 9.27%, while quarterly sales of $369.17 million fell short of the consensus estimate of $371.11 million [1][2]. Financial Performance - Quarterly earnings were $1.65 per share, beating the analyst consensus estimate of $1.51 [2]. - Quarterly sales amounted to $369.17 million, missing the analyst consensus estimate of $371.11 million [2]. Management Commentary - CEO Darin Harris expressed pride in the team's efforts to enhance guest experience and operational improvements despite a challenging sales environment [2]. - The company is focusing on value and improving transactions with low-income guests while emphasizing innovation, variety, and late-night offerings [2]. - The company aims to finish the year strong and maintain positive momentum heading into 2025, while executing strategic initiatives for long-term growth and profitability [2]. Future Guidance - Jack in the Box projects FY24 earnings to be between $6.10 and $6.25 per share, compared to the estimate of $6.30 per share [2]. Stock Performance - Following the earnings announcement, Jack in the Box shares rose 0.4% to close at $53.03 [2]. Analyst Ratings and Price Targets - Wedbush analyst Nick Setyan maintained an Outperform rating but lowered the price target from $68 to $60 [2]. - TD Cowen analyst Andrew Charles maintained a Hold rating and cut the price target from $59 to $57 [2]. - Piper Sandler analyst Brian Mullan maintained a Neutral rating and lowered the price target from $60 to $56 [2]. - Oppenheimer analyst Brian Bittner maintained an Outperform rating and reduced the price target from $75 to $70 [2]. - Truist Securities analyst Jake Bartlett maintained a Buy rating and lowered the price target from $83 to $70 [2].