UPDATE: Jefferies Initiates Coverage on Papa John's, Awaiting Pullback - Papa John's International (NASDAQ:PZZA)

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In a report published Tuesday, Jefferies analyst Alexander Slagle initiated coverage on

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Papa John's International

(NASDAQ: PZZA) with a Hold rating and $86.00 price target.In the report, Jefferies noted, “We see potential for EPS upside as Papa John's gains share in the fragmented U.S. pizza category through accelerated growth in digital ordering, while its international business hits an inflection point & emerges as a meaningful growth vehicle. However, the stock has run (+16% vs S&P 3% since Oct) without a real change in the fundamental outlook. We rate PZZA Hold as a higher valuation will demand better visibility on international segment-level profitability.”Papa John's International closed on Monday at $87.77.