Analyst Update: Best Buy, Garmin, Jack in the Box

Analysts are weighing in today on electronics retailer Best Buy Co Inc (NYSE:BBY), navigational device maker Garmin Ltd. (NASDAQ:GRMN), and restaurant chain Jack in the Box Inc. (NASDAQ:JACK). Here's a quick look at today's brokerage notes on BBY, GRMN, and JACK.

• BBY was one of several retailers that Jefferies weighed in on this morning, seeing its price target lifted to $46, while its rating remained a "buy." The equity has outperformed the broader S&P 500 Index (SPX) by nearly 17 percentage points during the past 60 sessions, and options traders have taken a bullish stance in response. Best Buy Co Inc's 50-day International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) call/put volume ratio shows that traders have bought to open roughly three calls for every put in the past several weeks. What's more, this ratio ranks higher than 88% of similar readings taken in the past year. However, with the company scheduled to unveil its holiday sales figures next week, BBY's short-term options are more expensive than at any point in the past year on a volatility basis, according to its Schaeffer's Volatility Index (SVI) of 81%. The stock was last seen 3% higher at $38.60.


• Morgan Stanley raised its price target on GRMN by $2 to $47, and upgraded it to "equal weight" from "underweight," sending the shares 2.4% higher today to $51.72. Many traders are likely displeased with this news, since 15.6% of GRMN's float is sold short, representing over three weeks' worth of buying power, at the stock's average daily pace of trading. (The stock could also be getting a boost from the buzz over the new product it revealed at the Consumer Electronics Show.) However, with Garmin Ltd. sitting in oversold territory at Tuesday's close -- according to its 14-day Relative Strength Index (RSI) of 29 -- an upward move may have been in the cards, regardless.


• JACK continued its pursuit of all-time highs today, after KeyBanc increased its price target to $90 from $82, and reaffirmed its "buy" recommendation. The stock touched a record peak of $83.48, but was last seen 2.8% higher at $81.84. JACK's year-over-year gain is closing in on 68%, and could go even higher in the event of additional price-target hikes and/or upgrades. Jack in the Box Inc.'s consensus 12-month price target of $79.69 is below current trading levels. Plus, half of the brokerage firms covering the stock maintain tepid "hold" recommendations, despite its strong technical performance.