Stifel analyst Chris O’Cull lowered the firm’s price target on Papa John’s to $81 from $90 and keeps a Buy rating on the shares. There has been “a confluence of factors” impacting restaurant stocks recently, including slowing industry sales data, rising interest rates and concerns about weight-loss drugs affecting demand, the analyst tells investors. For most companies, the firm expects Q3 results to be largely in line with estimates, but Stifel made several adjustments to its Q4 and early 2024 estimates, the analyst noted in a U.S. restaurant group preview.
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