UPDATE: BMO Capital Starts Papa John's (PZZA) at Outperform
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BMO Capital analyst Andrew Strelzik initiates coverage on Papa John's (NASDAQ: PZZA) with a Outperform rating and a price target of $105.00.
The analyst comments "We are initiating coverage of PZZA at Outperform with a $105 target, which implies ~20% upside. PZZA has made meaningful strides repositioning the brand and is poised to realize accelerating growth, margin opportunities, and strengthening cash returns to shareholders over a multi-year horizon. Recovery progress may be obscured in the near term by challenging comparisons and third party delivery headwinds, but we think the market should look through that in favor of longer-term pandemic benefits, continuation of underlying turnaround progress, and the potential for strategic actions (e.g., G&A, balance sheet). "
Shares of Papa John's closed at $88.42 yesterday.
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