iStock

Investors that jumped on Jack in the Box Inc. (JACK) during Thursday's session on reports that the fast food company was exploring a sale may want to pump the brakes following a note from analysts at Wedbush on Friday. 

Analyst Nick Setyan said that he believes the company is already fully valued while maintaining his "neutral" rating and $85 price target. 

Jack in the Box jumped 5.92% Thursday after Reuters first broke the story in the afternoon. The stock was rising 0.18% to $88.70 in premarket trading Friday. Earlier this year, Jack in the Box divested its Qdoba brand. 

Jack in the Box reportedly started talks with potential buyers, including private-equity firms, earlier this month. 

The fast food industry has gone through a series of consolidations in recent months, including the sale of burger chain Sonic to Arby's owner Inspire Brands for about $1.57 billion minus debt in late September.

Setyan also wrote that he doesn't expect any offers for Jack in the Box to approach the multiple Sonic received in its sale.