Stifel analyst Chris O'Cull lowered his price target on Jack in the Box to $88 from $93 after hosting investor meetings with CFO Lance Tucker and VP of Chief IR/Communication Officer Carol DiRaimo. Key takeaways from the meetings included greater acknowledgement of the need to lean more into value offerings to address traffic declines, management is working to simplify operations to improve speed of service, and progress is being made to reduce G&A and refinance debt. Overall, O'Cull believes the company is taking the correct steps, but expects it may take a few quarters to see better top-line results, and remains Hold-rated.