Wedbush maintained an Outperform rating and $51 price target on Papa John’s. The firm believes the stock’s current valuation is “an overly pessimistic assessment of current management’s ability to reaccelerate top- and bottom-line annual growth rates towards longer-term targets.” Wedbush noted that new CEO Todd Penegor previously led a very impressive turnaround of a public restaurant with Wendy’s and the firm feels he is “uniquely suited” to do the same for Papa John’s.
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