Report ‘reigniting M&A chatter’ around Papa John’s, says Stephens

After Semafor reported Irth Capital and Apollo Global (APO) are preparing a new take-private bid for Papa John’s (PZZA), Stephens notes that the reported revised offer values the company near $2B, which represents “a material step-up” from the roughly $1.4B valuation referenced in a prior rumored bid. Shares are up about 26% year-to-date, notes the analyst, who believes deal speculation may have supported recent momentum and sees the latest report “reigniting M&A chatter.” Stephens has an Overweight rating and $50 price target on Papa John’s shares.