Jack in the Box (JACK) posted mixed fiscal Q3 results as the fast-food chain evaluates more store closings than initially expected while management laid out a more detailed turnaround plan, RBC Capital Markets said Thursday in a report.

Management's most notable strategic emphasis "was the focus on in store execution and improving the consumer

experience," the report said.

Store closures may exceed 150 to 200 originally planned, and continued underperformance in Chicago in Q3 weighed on consolidated restaurant-level margins, RBC said.

The pace of franchisee refreshes accelerated with modest investment, while same-store sales trailed expectations, the report said.

RBC raised its price target on Jack in the Box stock to $22 from $16 and reiterated its outperform rating.

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