BofA lowered the firm’s price target on Papa John’s to $85 from $106 and keeps a Buy rating on the shares. The firm is fine-tuning estimates and adjusting price targets to reflect updated relative valuation assumptions among the restaurants group ahead of Q3 earnings. While restaurant stocks overall have come under pressure, sentiment appears to have shifted most sharply for the newest additions to the ranks of public companies, the analyst tells investors in the firm’s preview.
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