BMO Capital analyst Andrew Strelzik lowered the firm’s price target on Papa John’s to $80 from $90 and keeps an Outperform rating on the shares. The firm is citing the announced departure of the company’s CEO Rob Lynch while reducing its multiple assumptions amid increased uncertainty related to leadership changes, comp trajectory, and potential earnings rebase under the eventual new leadership, the analyst tells investors in a research note. The departure adds to a growing list of leadership changes over the last year including prior CFO, COO, Chairman of the Board, and Chief Development Officer/COO of International, the firm added.
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