Papa John's International

PZZA · NASDAQ

$18.73−$0.24 (−1.27%)TodayMarket closed · Oct 20, 7:54 PM ET

Prev close $18.97

PZZA analyst rating

HoldConsensus of 6 analysts over the last 12 months. 0% rate it a buy.

Strong buy0
Buy0
Hold5
Underperform1
Sell0

12-month price target · 13 analysts

Average $33.64 (+79.6% upside)

Low: $24.24
Now: $18.73
High: $64.88

Upgrades and downgrades

The latest rating actions, newest first

PZZA analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Stephens & Co.	Oct 15, 2026	Maintains	Equal-Weight	$24.00 → $19.00	24%
UBS	Aug 7, 2026	Maintains	Neutral	$33.00 → $28.00	47%
Benchmark	Aug 7, 2026	Downgrade	Buy → Hold	—	38%
Piper Sandler	Aug 7, 2026	Maintains	Neutral	$30.00 → $26.00	64%
Stephens & Co.	Aug 7, 2026	Downgrade	Overweight → Equal-Weight	$38.00 → $24.00	24%
Mizuho	Jul 31, 2026	Maintains	Neutral	$33.00 → $32.00	55%
B of A Securities	Jul 13, 2026	Downgrade	Neutral → Underperform	$42.00 → $34.00	49%
Stephens & Co.	Jul 1, 2026	Maintains	Overweight	$40.00	24%
Stephens & Co.	May 15, 2026	Maintains	Overweight	$40.00	24%
Mizuho	May 11, 2026	Maintains	Neutral	$34.00 → $33.00	55%

The case for and against

Updated Oct 18, 2026

Bull case

Papa John's International is supported by a large global footprint, a leading North America commissaries business, and a loyalty engine that is still outperforming, with Papa Rewards surpassing 42 million members and members ordering roughly twice as often with about 6% higher tickets. Even after 2Q26 North America comparable sales fell 8.3% and global comparable sales declined 5.7%, the international business posted its 7th consecutive quarter of positive comps at +1.5%, while the UK and Korea remained strong. The bullish case also rests on management’s willingness to fund the turnaround by suspending the quarterly dividend beginning 3Q26 and investing about $35 million in 2026, which could improve transactions, sharpen promotions, and support a rebound as easier comparisons emerge.

Bear case

Papa John's International is facing a deteriorating fundamental backdrop driven by sharp North America same-store sales declines of 8.3% in 2Q26, a ~190 bps sequential slowdown, with the weakness described as almost entirely transaction-driven despite flat average check. Management also cut FY26 outlooks, lowering adjusted EBITDA guidance to $180 million to $190 million from $200 million to $210 million, reducing global systemwide sales expectations, and suspending the dividend, signaling that its transformation is lagging. Competitive discounting, a softer consumer, and pressure across carryout and delivery channels undermine confidence that North America can stabilize soon, while even the North America commissaries-led model is being strained by weaker restaurant traffic and slower unit growth.

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