Stifel Reiterates Hold Rating on Papa John's (PZZA)

Stifel analyst Chris O'Cull reiterated a Hold rating and $42.00 price target on Papa John's (NASDAQ: PZZA).

The analyst commented, "We updated our model following the company's 10- Q filing. Our revised estimates reflect the company's cost-saving initiatives in 2026, as well as management's plan to refranchise a significant number of domestic, company-owned units over the next two years. Our FY26 EBITDA projection is ~$205M (Street: $213M), up ~4% YoY. In addition to refranchising activity, EBITDA could vary meaningfully depending on whether the company makes an incremental investment in the marketing fund during FY26. In 2025, the company invested $25M, which drove total advertising spending up by 20%+. Our FY26 EBITDA projection assumes a $10M incremental investment, implying the total advertising spend (marketing fund + incremental ad investments) could be down YoY, depending on system sales. Our Hold rating and 12-month target price remain unchanged."

For an analyst ratings summary and ratings history on Papa John\'s click here. For more ratings news on Papa John\'s click here.

Shares of Papa John\'s closed at $38.55 yesterday.

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