PZZA - Papa John's International falls back from all-time high after Deutsche Bank takes a ratings breather

Deutsche Bank drops its rating on Papa John's International (NASDAQ:PZZA) to Hold from Buy on what it sees as a more balanced risk-reward profile after the earnings rally. The firm expects to see Street estimates migrate broadly higher across 2022-2023 and remains positive on the medium term to long term, but has a fair value on PZZA of $136 to leave upside potential limited. Shares of PZZA are down 2.86% premarket to $136.01 vs. the 52-week range of $76.50 to $140.68 (all-time high). Read the Papa John's earnings call transcript.

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Papa John's International falls back from all-time high after Deutsche Bank takes a ratings breather