Papa John’s price target raised to $87 from $85 at Wedbush

Wedbush raised the firm’s price target on Papa John’s to $87 from $85 and keeps an Outperform rating on the shares. The firm notes the company Q4 preannounced North America same-store sales growth above expectations, and said 2024 North America same-store sales growth should be buoyed by a step-up in national marketing. Wedbush believes Papa John’s current valuation is an overly pessimistic assessment of its near-, medium-, and longer-term growth algorithm.