Bank of America Initiates Coverage on Jersey Mike's (NYSE:JMKE)

Key Points

• Bank of America initiated coverage of Jersey Mike’s with a “buy” rating and a $27 price target, implying approximately 13.45% upside from the stock’s current price.
• Analyst sentiment is broadly positive: 15 analysts rate the stock a Buy and three rate it a Hold, resulting in a “Moderate Buy” consensus and an average target price of $27.71.
• Jersey Mike’s shares opened at $23.80 and were down 0.3%, while insiders bought 31,584 shares worth about $726,432 over the past three months.

Stock analysts at Bank of America assumed coverage on shares of Jersey Mike's (NYSE:JMKE - Get Free Report) in a research report issued on Monday,Benzinga reports. The firm set a "buy" rating and a $27.00 price target on the stock. Bank of America's price target indicates a potential upside of 13.45% from the company's current price.

Several other analysts have also issued reports on JMKE. BTIG Research assumed coverage on shares of Jersey Mike's in a research report on Monday. They set a "buy" rating and a $28.00 price target on the stock. Melius Research started coverage on shares of Jersey Mike's in a research note on Thursday, July 30th. They set a "buy" rating and a $30.00 price objective on the stock. Mizuho began coverage on shares of Jersey Mike's in a report on Monday. They issued an "outperform" rating and a $31.00 target price on the stock. Raymond James Financial started coverage on shares of Jersey Mike's in a research note on Monday. They issued an "outperform" rating for the company. Finally, Sanford C. Bernstein began coverage on Jersey Mike's in a report on Monday. They set a "market perform" rating and a $26.00 price target for the company. Fifteen investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $27.71.

Jersey Mike's Trading Down 0.3%

NYSE:JMKE opened at $23.80 on Monday. Jersey Mike's has a twelve month low of $20.63 and a twelve month high of $24.99.

Insider Activity at Jersey Mike's

In related news, CAO James J. Whalen acquired 2,500 shares of the company's stock in a transaction dated Friday, July 31st. The shares were bought at an average cost of $23.00 per share, with a total value of $57,500.00. Following the completion of the transaction, the chief accounting officer directly owned 2,500 shares of the company's stock, valued at $57,500. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, COO Stacy Peterson bought 15,000 shares of the business's stock in a transaction dated Friday, July 31st. The shares were bought at an average price of $23.00 per share, with a total value of $345,000.00. Following the purchase, the chief operating officer owned 15,000 shares in the company, valued at $345,000. The trade was a ∞ increase in their position. The SEC filing for this purchase provides additional information. In the last three months, insiders bought 31,584 shares of company stock valued at $726,432.

About Jersey Mike's

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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