Pizza restaurant operator Papa John’s (NASDAQ:PZZA) is rapidly expanding its footprint across multiple geographies.
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The company has teamed up with long-time franchisee partner PJP Investments to open 650 outlets in India by 2033. The first outlet is anticipated to open in Bangalore next year. The move comes as India remains an attractive market with its demographics and rising income levels.
The two partners already have outlets across UAE, Saudi Arabia, and Jordan. Further, PJP will be opening the first Papa John’s outlet in Iraq next year as well. Additionally, Papa John’s is also looking at opening 1,750 new locations in China by 2040 via its franchisee partner FountainVest Partners.
Overall, Wall Street has a $96 consensus price target on PZZA, implying a mouth-watering 27.6% potential upside in the stock. That’s after a nearly 12% slide in the share price over the past month.
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