BTIG analyst Peter Saleh downgraded Papa John’s (PZZA) to Neutral from Buy with no price target following the departure of CEO Rob Lynch, who is leaving to assume the same post at Shake Shack (SHAK). Given the “sudden nature of this announcement” and lack of seasoned leadership at Papa John’s, the firm thinks the company could struggle until a new leader and game plan are announced, the analyst tells investors.
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