UPDATE: Credit Suisse Upgrades Jack In The Box; Raises PT

According to a research report published earlier today, Credit Suisse has upgraded Jack In The Box Inc.

from Underperform to Neutral, and increased PT from $18 to $24. In the report, Credit Suisse said, “1Q results showed better than expected flow-through on top-line growth, with investments from the last one-two years starting to have the intended effect. While we still believe the competitive environment may require more moderate incremental margin investments, we also see a clearer roadmap to growing per-store profits. Combining this with estimate increases and a better roadmap for long-term Qdoba growth (from the recent analyst day), we now believe a Neutral rating is more appropriate.” Jack In The Box closed yesterday at $22.54.