PZZA - Papa John's is a buy at BTIG with strong unit growth international expansion standing out

BTIG defended its bullish view on Papa John's International (NASDAQ:PZZA -3.3%) after shares turned around on Thursday from an early post-earnings gain. Analyst Peter Saleh and team think investors should be encouraged by the pace of unit development for Papa John's, with the new target for 2022 set at 280 to 300 units. The long-term unit growth target also impressed BTIG, with Papa John's (PZZA) guiding to open 1,400 to 1,800 net new restaurants by the end of 2025. Saleh noted that the guidance represented nearly 30% growth at the midpoint against the global unit footprint at the end of 2021. BTIG has a Buy rating on Papa John's and price target of $125. During the earnings conference call, Papa John's execs talked up the international growth opportunity. Read more about the Q1 earnings report.

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Papa John's is a buy at BTIG with strong unit growth, international expansion standing out