Papa John’s price target lowered to $75 from $80 at BMO Capital

BMO Capital lowered the firm’s price target on Papa John’s to $75 from $80 and keeps an Outperform rating on the shares. The company’s Q1 EPS exceeded consensus on stronger restaurant margins, lower G&A, and slightly higher supply chain profits more than offsetting softer North America comps, though the management also indicated Q2-to-date North America comps remain pressured and lowered 2024 comp/operating profit guidance, the analyst tells investors in a research note.