Papa John’s price target lowered to $87 from $95 at Benchmark

Benchmark lowered the firm’s price target on Papa John’s (PZZA) to $87 from $95 and keeps a Buy rating on the shares given the lack of clarity around long-term leadership after Papa John’s announced that CEO Rob Lynch will be leaving the company after five years to take the CEO position at Shake Shack (SHAK). Despite maintaining its prior estimates, the firm lowered its target multiple as it feels that the departure of “impactful leader” is a negative and it will take time to identify a successor.