Baird analyst David Tarantino downgraded Jack in the Box to Neutral from Outperform with an unchanged price target of $90. While he is encouraged by the progress management has made in strengthening same-store sales fundamentals and remains "cautiously optimistic" management is taking the right steps for sustained top-line momentum, he sees a more balanced risk/reward given the year-to-date bounce in valuation, while also being worried about some lingering risks, Tarantino tells investors. The pending CEO change, tougher upcoming comparisons, and ongoing pressures on selected franchisees are among his concerns, the analyst noted.