Papa John’s downgraded to Neutral from Outperform at Wedbush

Wedbush analyst Nick Setyan downgraded Papa John’s (PZZA) to Neutral from Outperform in conjunction with his restaurant sector overview and 2023 outlook note. While he sees Papa John’s, Wingstop (WING) and Domino’s Pizza (DPZ) offering the "most compelling customer value proposition" among the companies he covers, the path towards a recapture of margin differs among the three, Setyan tells investors. The 2023 consensus EPS estimate "seems overly optimistic to us," the analyst added.