Jersey Mike’s (NYSE:JMKE) Upgraded to “Hold” at Wells Fargo & Company

Wells Fargo & Company upgraded shares of Jersey Mike’s (NYSE:JMKE) to a hold rating in a research note published on Monday,Zacks.com reports.

Several other research analysts also recently weighed in on the company. Jefferies Financial Group started coverage on Jersey Mike’s in a research note on Monday. They set a “buy” rating and a $29.00 price target for the company. Morgan Stanley began coverage on Jersey Mike’s in a research note on Monday. They issued an “overweight” rating and a $29.00 price objective on the stock. Mizuho initiated coverage on shares of Jersey Mike’s in a report on Monday. They set an “outperform” rating and a $31.00 price objective on the stock. Raymond James Financial started coverage on shares of Jersey Mike’s in a research report on Monday. They set an “outperform” rating and a $29.00 target price for the company. Finally, Loop Capital initiated coverage on shares of Jersey Mike’s in a research report on Monday. They issued a “buy” rating and a $40.00 price target on the stock. One investment analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $28.43.

Jersey Mike’s Stock Down 1.3%

NYSE:JMKE opened at $23.55 on Monday. Jersey Mike’s has a 1 year low of $20.63 and a 1 year high of $24.99.

Insider Buying and Selling

In related news, COO Stacy Peterson acquired 15,000 shares of the company’s stock in a transaction that occurred on Friday, July 31st. The shares were acquired at an average price of $23.00 per share, with a total value of $345,000.00. Following the acquisition, the chief operating officer owned 15,000 shares of the company’s stock, valued at approximately $345,000. This trade represents a ∞ increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, major shareholder Abu Dhabi Investment Authority sold 4,411,064 shares of the firm’s stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $21.85, for a total value of $96,381,748.40. Following the completion of the transaction, the insider owned 36,114,272 shares of the company’s stock, valued at approximately $789,096,843.20. This represents a 10.88% decrease in their position. The SEC filing for this sale provides additional information. Insiders have purchased a total of 31,584 shares of company stock valued at $726,432 in the last ninety days.

Trending Headlines about Jersey Mike’s

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

• Positive Sentiment: Analyst sentiment remains strongly favorable. Jefferies upgraded Jersey Mike’s to “strong buy,” Royal Bank of Canada raised its view to “moderate buy,” and Wells Fargo initiated an upgrade to “hold.” The latest calls add to a large group of firms rating the stock Buy, Outperform, or Overweight. Zacks.com analyst rating coverage
• Positive Sentiment: Initial post-IPO coverage from major banks included price targets ranging from $27 to $29, with UBS at $28 and Bank of America at $27. Loop Capital issued the most aggressive target at $40, indicating that analysts see meaningful upside from the IPO price. Jersey Mike’s gets initial Buy ratings across major banks
• Positive Sentiment: Analysts cited Jersey Mike’s franchise-heavy, high-margin operating model, continued same-store sales opportunities, and substantial domestic and international unit-growth potential. Some analysts believe the chain could eventually challenge Subway’s position as the leading sandwich chain. Jersey Mike’s could overtake Subway as top sandwich chain
• Neutral Sentiment: Wells Fargo’s “hold” rating provides a more cautious counterpoint to the otherwise optimistic coverage, suggesting that some investors may wait for additional public-company results before assigning a higher valuation. Zacks.com rating update

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.