Wedbush upgraded Papa John’s to Outperform from Neutral with a price target of $95, up from $80. The firm’s checks point to North America same-store sales growth trending above consensus in Q3 and beyond the quarter the firm views Papa’s forward domestic same-store sales growth expectations as “realistic,” the analyst tells investors. The margin trajectory could deliver operating margins ahead of current expectations and the firm is “not overly concerned” about Papa’s medium- to longer-term unit growth trajectory, the analyst added.
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