Papa John’s downgraded to Perform from Outperform at Oppenheimer

Oppenheimer downgraded Papa John’s to Perform from Outperform without a price target. While the company’s longer-term earnings power “remains an intriguing theme,’ the firm’s updated work implies 2024 earnings forecasts “tilt aggressively,” the analyst tells investors in a research note. Oppenheimer now sits below consensus and says earnings revisions are historically a strong indicator for Papa John’s relative stock performance, particularly considering the stock’s current valuation. It also assumes a tough environment for the company to unlock same-store-sales upside.