Stifel analyst Chris O’Cull lowered the firm’s price target on Papa John’s (PZZA) to $45 from $55 and keeps a Hold rating on the shares. The firm’s recently completed consumer survey for the major pizza chains showed that Domino’s (DPZ) had the highest purchase intent among the three publicly-held pizza chains and a strong value perception among respondents, which reinforced the firm’s view that Domino’s is well-positioned as the value leader in the pizza category. Recent channel checks indicate performance in the pizza segment has been bifurcated, with Domino’s winning and Pizza Hut (YUM) and Papa John’s losing share, added the analyst, who expects evidence of Domino’s strong leadership position to be provided in Q2.
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