Analysts Slash Papa John's Price Target Amid Macro Headwinds - Papa John's International (NASDAQ:PZZA)

Wedbush analyst Nick Setyan reiterated an Outperform rating on the shares of Papa John's International Inc PZZA and lowered the price target to $95 from $109 (29% upside).
Given that the U.K. accounts for about 20% of total international sales, and incremental macro headwinds across many of Papa John's other international markets are likely to accelerate into the winter, Setyan sees little reason to expect an improving International same-store sales growth trajectory versus Q2.
The analyst lowered international SSS growth and margin estimates through 2023.
He expects incremental FX headwinds to be reflected in lower royalty revenue over and-above lower same-store sales growth.
The analyst continues to believe the stock as one of the more defensive restaurants to own in a U.S. consumer slowdown scenario based on its same-store sales growth performance during 2008-2011.
Deutsche Bank maintained a Hold rating on the shares and lowered the price target to $82 from $94 (11.2% upside).
Price Action: PZZA shares are trading higher by 5.38% at $73.77 on the last check Monday.