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Analysts at Citigroup identified on Monday two restaurant stocks that could offer value to investors looking to invest in the group. The firm's Gregory Badishkanian initiated coverage of both Papa John's Int'l, Inc. (NASDAQ:PZZA) and Sonic Corporation (NASDAQ:SONC) with bullish ratings.
Papa John's
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Badishkanian initiated coverage of Papa John's stock with a Buy rating and $90 price target. The pizza chain offers investors a differentiated concept through unique advertising campaigns and partnerships. This business model appears to be sustainable over the long term as the company gains market share and grows out its store count.
While bears might argue the domestic promotional environment within the pizza restaurant is reason to avoid the stock, these fears are "overbaked" and represent an attractive entry point for longer-term investors.
Sonic
Badishkanian initiated coverage of Sonic's stock with a Buy rating and $28 price target. As the largest drive-in chain in the U.S. with more than 3,500 restaurants across 45 states, the company certainly offers a differentiated concept. On top of that, the company's proven operating methods, diverse menu, an attractive value proposition and strong management team are all factors that are not included in the stock's current valuation.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.