UPDATE: Bank of America Merrill Lynch Reiterates Underperform Rating, Raises PT for Jack in the Box

In a report published earlier today, Bank of America Merrill Lynch reiterated its Underperform rating for Jack in the Box, Inc. JACK and raised its price target from $18.00 to $21.00. BofA Merrill Lynch went on to say “We find Jack in the Box's strategic direction, including a greater emphasis on refranchising, appealing. However, the benefits of converting to a more highly franchised system have been elusive. The refranchising program is in its final stages and JACK shares have to be evaluated on operating EPS, in our view. On that basis, JACK shares appear expensive.” Jack in the Box, Inc. closed yesterday at $23.56.