Papa John’s price target lowered to $97 from $100 at Loop Capital

Loop Capital lowered the firm’s price target on Papa John’s to $97 from $100 and keeps a Buy rating on the shares. The analyst cites the company’s Q4 pre-announcement for some of its metrics that saw same-store sales in North America up 2.0% for both company-owned and franchised units, below the firm’s prior estimate of 2.5% but above consensus of 1.3% heading into last week’s release. Loop Capital adds however that on the negative side, Papa John’s had 210 net openings worldwide in 2023, including 57 in North America, which was well below the company’s prior guidance for 245-260 net openings. The firm is also cutting its FY24 EPS view on the stock to $2.85 from $3.01.