UPDATE: Wunderlich Securities Reiterates Buy Rating, Raises PT on Jack in the Box as New Products Appear Well-Positioned to Outperform Peers

In a report published Monday, Wunderlich Securities analyst Robert M. Derrington reiterated a Buy rating on

, and raised the price target from $53.00 to $60.00. In the report, Wunderlich Securities noted, “We believe Jack in the Box (JACK) continues to set a high bar vs. QSR industry peers with its strong pipeline of craveable menu offerings; improving trends for its Qdoba fast casual brand; and its steady performing franchise business model projected to deliver growing free cash flow, steady share repurchase and better-than-most-peers EPS growth. With recent new promotions (see photos: Jack's Bacon Insider Burger, Bacon Ranch Monster Tacos, Qdoba's new Queso Diablo, Verde) expected to build on its comparatively weather-resistant sales trends, we believe JACK remains well-positioned to outperform most peers. Recently trading at ~9.0x cal. 2014 EV/EBITDA (vs. peers at ~12.2x) and factoring a 10.0x multiple to cal. 2015 projections, we are raising our PT to $60 from $53, and reit. Buy rating.” Jack in the Box closed on Friday at $51.21.