Papa John’s downgraded to Sector Weight from Overweight at KeyBanc

KeyBanc analyst Eric Gonzalez downgraded Papa John’s (PZZA) to Sector Weight from Overweight without a price target The firm says its industry conversations at the Restaurant Finance and Development Conference suggest a recovery in Papa John’s sales trends and store-level profitability metrics could take longer than previously expected, and potentially require reinvestment on the part of the company and its franchisees. The fourth quarter is shaping up to be another difficult period for the brand, the analyst tells investors in a research note.