Big changes are on the menu.
Papa John’s International Inc. stock is up more than 16% for the week to date and was upgraded three times by analysts after the company announced a new chief executive who has inspired hope among investors that change will happen fast at the pizza delivery change.
“We believe the newly-appointed CEO’s turnaround experience and marketing expertise improves the company’s prospects of delivering positive same-restaurant sales gains over the coming quarters and that sentiment towards the stock will improve as investors assign a higher probability it can recover a meaningful portion of the roughly $100 million EBITDA it has lost since 2017,” wrote Stifel analysts led by Chris O’Cull.
Kalinowski Equity Research President Mark Kalinowski, who also upgraded Papa John’s to buy from neutral, thinks there could be a change in Schnatter’s stake on the horizon. The neutral rating was based on the fact that Schnatter owned 31% of the company, but has sold down his stake to 16.7%. Don’t miss: Good new for Beyond Meat? 95% of people who order vegan burgers when dining out aren’t even vegetarians
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