The 12% decline in Jack in the Box shares since the company's ICR presentation is "bizarre," Oppenheimer analyst Brian Bittner tells investors in a research note. Investors are frustrated with timing of Qdoba's separation and are eager to hear management' new long-term targets, the analyst contends. He believes, however, that the current share price reflects the market's misunderstanding of Jack in the Box's "clean" 2019 financials and an under-appreciation of its underlying value. The analyst recommends taking advantage of the recent pullback and keeps an Outperform rating on the shares with a $115 price target. Bittner thinks positive comps over next 12 months will improve Jack in the Box's valuation.