Stifel analyst Chris O’Cull lowered the firm’s price target on Papa John’s (PZZA) to $38 from $40 and keeps a Hold rating on the shares. Given the recent market volatility and “mediocre” consumer spending in Q1, the firm updated estimates for several restaurant companies to reflect a more cautious outlook, adding that its estimates do not reflect a recession scenario, but it acknowledges the “rising probability.”
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