Stephens says shares of Papa John’s (PZZA) are moving higher today on “fresh takeover chatter” after UK-based ABC Money claimed the company is in in advanced talks to be acquired by a TriArtisan Capital-led group for $65 per share in cash. The report comes after Reuters reported last week that Apollo Global (APO) had withdrawn its separate $64 bid to take Papa John’s private, the analyst tells investors in a research note. Stephens believes today’s report “represents another chapter in the PZZA acquisition saga,” which has helped support the stock throughout the year. It has an Overweight rating on the shares with a $49 price target The stock in midday trading is up 6%, or $2.30, to $43.39.
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