Papa John’s price target lowered to $73 from $95 at Wedbush

Wedbush lowered the firm’s price target on Papa John’s to $73 from $95 and keeps an Outperform rating on the shares. Despite SS growth upside, Papa John’s reported EPS below expectations, and the firm believes quarter-to-date SSS growth volatility is likely to continue, the analyst tells investors in a research note. Given the international margin reset going forward, the firm views lower operating margin hurdles as realistic, particularly as the supply chain margin benefit from an increased commissary charge is better understood.