Jefferies lowered its price target on Papa Murphy's Holdings (NASDAQ: FRSH) to $5.00 (from $5.50) while maintaining a Hold rating.

Analyst Andy Barish views FRSH's 1Q business trends and guidance as somewhat disappointing in a very competitive pizza category. Weak results have led to reduced unit openings for the system for the year and increased closures, which now have domestic franchise store counts declining y-o-y.