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Research

Research Alert: CFRA Lowers Opinion On Shares Of Papa John's International To Hold From Buy

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We lower our 12-month target by $4 to $35, 19x our 2026 EPS estimate (down from 20x), a discount to its 26x five-year average justified by competitive headwinds in the pizza quick service restaurant (QSR) industry. We lower our 2026 EPS estimate to $1.83 from $1.94 and 2027's to $2.35 from $2.37. Following Q1 results that included a disappointing performance in North America comp growth (-6.4%), we are lowering our opinion to Hold from Buy. Our previous thesis rested upon the potential for PZZA to translate improvements in its loyalty program, menu, and sales channels into more sustainable comp growth. However, momentum seen in 1H 2025 has faded. In our view, the company's plan to close 300 North American store locations highlights competitive pressures from pizza QSR peers. As a result, PZZA's margin and free cash flow profile have deteriorated more than we thought. Our new Hold opinion contemplates comp momentum in international markets, which is offsetting North American underperformance.

$PZZA
Wire

Papa John's International Shares Decline Amid Lower Q1 Adjusted Earnings, Revenue

Papa John's International (PZZA) shares fell over 4% in early Thursday trading after the company reported lower Q1 adjusted earnings and revenue.The company reported Q1 adjusted EPS of $0.32, down from $0.36 a year earlier.Analysts polled by FactSet expected $0.37.Revenue for the quarter ended March 29 was $478.6 million, down from $518.3 million a year earlier.Analysts surveyed by FactSet expected $485.5 million.Price: $32.39, Change: $-1.39, Percent Change: -4.11%

$PZZA
Research

Research Alert: Pzza: Weak North America Volumes And Refranchising Drive Q1 Miss

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Papa John's Q1 missed expectations with revenue of $479M (-7.7% Y/Y) below $485M consensus and adjusted EBITDA of $47.8M (-3.8%) missing $51M estimate. North America comp declines accelerated to -6.4% from -2.7% a year ago, with franchised comps falling -6.7%. Management reiterated full-year guidance despite weak results, raising questions whether maintained outlook reflects genuine visibility or Q1 weakness already embedded in plan. With North America representing 72% of system sales showing no stabilization signs, the burden remains on management to demonstrate transformation strategy effectiveness. International comps of +3.6% marked sixth consecutive positive quarter but represent only 28% of system sales. Free cash flow swung negative to -$6.2M from $19.1M a year ago while company maintained $0.46 quarterly dividend. We believe accelerating North America comp decline and negative free cash flow suggest the turnaround remains early stage with limited margin for error.

$PZZA
Wire

BofA Adjusts Price Target on Papa John's International to $42 From $38

Papa John's International (PZZA) has an average rating of overweight and mean price target of $38.58, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $37.05, Change: $+0.12, Percent Change: +0.33%

$PZZA
Wire

Market Chatter: Yum! Brands, Papa John's Advancing Sale Processes for Pizza Chains

Yum! Brands (YUM) continues to proceed with the sale process for its Pizza Hut chain, while Papa John's International (PZZA) remains in talks over a potential takeover, Reuters reported Wednesday, citing sources familiar with the matter.Three sources told Reuters that Yum! Brands set a deadline this week, seeking formal bids for Pizza Hut. Interested parties include Apollo Global Management (APO), Sycamore Partners, and LongRange Capital, but there is no guarantee that the firms will submit their offers, the sources added.Meanwhile, two sources told the newswire that Papa John's remains in talks with Irth Capital over a potential acquisition, with a due diligence underway over the past month. Irth Capital had offered to acquire the company for $47 a share in March, according to the report.Yum! Brands, Papa John's International, Apollo Global Management, and Irth Capital did not immediately respond to' requests for comments.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $161.10, Change: $-0.47, Percent Change: -0.29%

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