KeyBanc Downgrades Papa John's (PZZA) to Sector Weight
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KeyBanc downgraded Papa John's (NASDAQ: PZZA) from Overweight to Sector Weight and removed its price target. Analyst Chris O'Cull thinks its current valuation is reasonable.
"PZZA has reached our price target, and we believe the valuation appropriately reflects investors' expectations for upside to 2017 estimates; therefore, we are moving to a Sector Weight rating. Our SRS and EPS estimates remain unchanged. Our long-term view also remains unchanged —PZZA is likely to continue experiencing mid- to high-teens EPS growth stemming from above-average domestic SRS gains, driven by investments in technology, coupled with greater profit contribution from its burgeoning international segment. Given our positive bias, we would be more constructive on a market-related pullback in shares," said O'Cull.
Shares of Papa John's closed at $86.92 yesterday.
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