UPDATE: Wedbush Upgrades Jack in the Box to Outperform, Raises PT on Expected Upside Driven by Qdoba

In a report published Thursday, Wedbush analyst Nick Setyan upgraded the rating on

from Neutral to Outperform, and raised the price target from $50.00 to $60.00. In the report, Wedbush noted, “We are upgrading shares of JACK to OUTPERFORM from NEUTRAL based on our belief that 1) Qdoba is now positioned as a legitimate growth company and could command an upward revaluation, 2) our expectation for continued improvement in JIB profitability that is already second only to MCD within the QSR Burger category, and 3) our expectation that both FQ1 and FY14 consensus estimates are poised for upward revisions driven by both Qdoba and JIB outperformance.” Jack in the Box closed on Wednesday at $46.48.