Bank of America Raises Jersey Mike's (NYSE:JMKE) Price Target to $29.00

Key Points

• Bank of America raised Jersey Mike’s price target to $29 from $27 and maintained a “buy” rating, implying 29.12% upside from the prior close.
• Analyst sentiment is broadly positive: 21 analysts rate the stock a Buy and five rate it a Hold, producing a “Moderate Buy” consensus and an average price target of $28.43.
• Jersey Mike’s reported strong operating momentum, including 10% growth in systemwide sales and revenue, 2.3% same-store sales growth, and 83 new locations; however, substantial insider selling and a slight revenue miss remain potential concerns.

Jersey Mike's (NYSE:JMKE - Get Free Report) had its price target hoisted by analysts at Bank of America from $27.00 to $29.00 in a research report issued on Thursday, Benzinga reports. The brokerage presently has a "buy" rating on the stock. Bank of America's price target points to a potential upside of 29.12% from the stock's previous close.

Other research analysts also recently issued reports about the stock. Loop Capital initiated coverage on shares of Jersey Mike's in a research report on Monday, August 24th. They set a "buy" rating and a $40.00 price objective on the stock. Wells Fargo & Company started coverage on shares of Jersey Mike's in a research note on Monday, August 24th. They set an "equal weight" rating and a $25.00 target price for the company. Raymond James Financial initiated coverage on Jersey Mike's in a research report on Monday, August 24th. They issued an "outperform" rating and a $29.00 price target on the stock. Robert W. Baird started coverage on Jersey Mike's in a research report on Monday, August 24th. They set an "outperform" rating and a $27.00 price objective for the company. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on Jersey Mike's in a research note on Monday, August 24th. They issued a "buy" rating and a $27.00 target price on the stock. Twenty-one investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $28.43.

Jersey Mike's Price Performance

Shares of JMKE opened at $22.46 on Thursday. Jersey Mike's has a 12-month low of $19.86 and a 12-month high of $24.99.

Insider Transactions at Jersey Mike's

In related news, major shareholder Holdings L.P. Blackstone II sold 2,572,560 shares of the company's stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $21.85, for a total transaction of $56,210,436.00. Following the transaction, the insider owned 143,699 shares of the company's stock, valued at $3,139,823.15. This represents a 94.71% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Michele Allen acquired 3,000 shares of the business's stock in a transaction on Friday, July 31st. The stock was acquired at an average price of $23.00 per share, with a total value of $69,000.00. Following the transaction, the chief financial officer directly owned 1,500 shares of the company's stock, valued at $34,500. This represents a -200.00% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last 90 days, insiders bought 31,584 shares of company stock valued at $726,432 and sold 9,938,318 shares valued at $217,152,248.

Jersey Mike's News Summary

Here are the key news stories impacting Jersey Mike's this week:

• Positive Sentiment: Second-quarter systemwide sales rose 10% to $1.21 billion, while revenue increased 10% to $208 million. Same-store sales grew 2.3%, primarily because of higher transactions, and digital sales improved to 43% of sales from 41%. Jersey Mike's Reports Second Quarter Financial Results
• Positive Sentiment: Jersey Mike’s opened 83 locations during the quarter, producing 8.1% year-over-year net unit growth. The expansion supports the bullish view that the company has a sizable long-term growth runway. Why Jersey Mike's Stock Jumped Today
• Positive Sentiment: Management expects same-store sales to grow 2.5% to 3.0% for the full year and 3.0% to 4.0% in the third quarter. Adjusted profit also exceeded estimates, helping reinforce the positive reaction. TD Cowen reaffirmed its Buy rating with a $26 price target. Jersey Mike's profit beats estimates, shares jump on strong guidance
• Neutral Sentiment: Unusually high call-option activity indicated heightened bullish speculation, with 4,490 calls purchased—171% above typical daily volume—but options activity is not a guarantee of sustained gains.
• Negative Sentiment: Revenue slightly missed analysts’ $209 million forecast, and net income declined from the prior-year period. Some analysts believe the growth opportunity is attractive but prefer to wait for a more favorable valuation or clearer execution. Jersey Mike's: Growth Runway Is Real, But I Prefer To Wait
• Negative Sentiment: Reported insider activity showed selling rather than open-market purchases, including substantial sales by investment holders. That may temper enthusiasm around the earnings-driven rally.

Jersey Mike's Company Profile

We are Jersey Mike's: A high-growth franchisor of fast casual, submarine-style sandwich restaurants specializing in authentic, hand-crafted, craveable subs. Built over 70 years on one uncompromising belief – that a truly great sub sandwich can change your day and that a truly great brand changes its community – Jersey Mike's is now one of the largest and fastest-growing limited-service restaurant brands based on U.S. systemwide sales and unit growth, with 3,300 stores across all 50 states and two countries – nearly all of which are franchised.

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