By Sam Boughedda
Investing.com -- Papa John's International (NASDAQ:PZZA) stock fell 3.4% on Friday after analysts from BMO Capital, Deutsche Bank, and Wedbush lowered their price targets.
The cuts follow the company's first-quarter earnings before the bell Thursday, with the company reporting an adjusted quarterly profit per share of 95 cents on revenue of $542.69 million. Analysts polled by Investing.com expected earnings of 95 cents per share on revenue of $541.17 million.
Papa John's stock jumped Thursday before closing the session 2.94% lower.
Deutsche Bank's Brian Mullan reduced the price target on Papa John's to $109 from $122, maintaining a hold rating.
Wedbush analyst Nick Seytan lowered the firm's price target on Papa John's to $112. from $120, keeping an outperform rating. The analyst said in a note that the company had a solid first quarter, with the second quarter and 2022 guidance no worse than expected.
Meanwhile, BMO Capital analyst Andrew Strelzik told investors that the company's first quarter topped consensus due to stronger North America comparative growth offsetting softer margins. He added that the macro environment has become more challenging, but Papa John's remains a compelling opportunity.