Jersey Mike's Subs

JMKE · NYSE

$17.82+$0.11 (+0.62%)TodayMarket closed · Oct 20, 7:53 PM ET

Prev close $17.71

JMKE analyst rating

BuyConsensus of 23 analysts over the last 12 months. 83% rate it a buy.

Strong buy0
Buy19
Hold4
Underperform0
Sell0

12-month price target · 24 analysts

Average $29.24 (+64.1% upside)

Low: $25.25
Now: $17.82
High: $42.00

Upgrades and downgrades

The latest rating actions, newest first

JMKE analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Raymond James	Oct 16, 2026	Maintains	Outperform	$29.00 → $26.00	57%
TD Cowen	Oct 7, 2026	Maintains	Buy	$26.00 → $22.00	33%
JP Morgan	Sep 29, 2026	Maintains	Overweight	$26.00 → $24.00	64%
Tigress Financial	Sep 11, 2026	Maintains	Buy	$29.00 → $30.00	56%
Guggenheim	Sep 11, 2026	Maintains	Buy	$28.00 → $29.00	60%
Mizuho	Sep 10, 2026	Maintains	Outperform	$31.00 → $29.00	55%
RBC Capital	Sep 10, 2026	Maintains	Outperform	$28.00 → $29.00	27%
Bernstein	Sep 10, 2026	Maintains	Market Perform	$26.00 → $27.00	33%
B of A Securities	Sep 10, 2026	Maintains	Buy	$27.00 → $29.00	49%
BTIG	Sep 10, 2026	Maintains	Buy	$28.00	53%

The case for and against

Updated Oct 14, 2026

Bull case

Jersey Mike's Subs is viewed positively because its Q2 2026 results showed resilient demand, with systemwide sales up 10% to $1.21 billion, same-store sales up 2.3%, and average unit volume rising to $1.376 million, while 83 new restaurants lifted the count to 3,378. Its asset-light franchise model is especially compelling, as franchise-funded openings drive recurring royalty revenue, digital sales already account for 43% of the mix, and more than 12.5 million MyMike’s members support higher frequency and better marketing efficiency. Strong domestic whitespace, a pipeline of more than 1,600 restaurants, and early international expansion in the UK and Canada suggest a long runway for operating leverage, rising returns on capital, and sustained economic profit improvement.

Bear case

Jersey Mike's Subs is facing a negative setup because the thesis depends on continued same-store sales and traffic strength, yet softer comps would pressure cash-on-cash returns and franchisee development appetite. Competitive threats from Subway, Panera, and other sandwich concepts could blunt market share gains, while stalled international expansion would slow unit growth and weaken the valuation backdrop. Near-term fundamentals also look strained by $267.7MM in G&A, equal to 5.8% of system sales, plus a $7MM advertising overspend and higher ongoing public company and restructuring costs.

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