Papa John’s price target lowered to $76 from $90 at Loop Capital

Loop Capital lowered the firm’s price target on Papa John’s to $76 from $90 and keeps a Buy rating on the shares. The company’s Q2 earnings topped estimates, but North American franchised same-store sales declined 3.4% compared to the firm’s estimate for a 1.0% decline and consensus at down 1.5%, the analyst tells investors in a research note. Loop is cutting its assumed enterprise value to expected forward 2025 EBITDA multiple to 13-times from 16-times assumed for 2024 estimate.