Goldman Sachs analyst Katherine Fogertey started Jack in the Box with a Sell rating and $69 price target. The analyst sees potential for share loss to McDonald's, Taco Bell and Chick-fil-A to accelerate from here. She also believes Jack in the Box's high concentration of company-owned stores in California makes it vulnerable to high minimum wage inflation. Fogertey initiated coverage of the Restaurants sector, which she believes is benefiting from "very strong" low end consumer spending, refranchising, digital engagement that is enabling profits, and delivery that is driving higher checks and traffic.