As previously reported, BTIG analyst Peter Saleh upgraded Papa John's to Buy from Neutral, with a $54 price target, as he believes new leadership will foster menu innovation and ignite a faster pace of change at the company. The analyst notes that so far this year and in addition to the new CEO, the company hired a new Chief Marketing Officer and Chief Operating Officer, all with significant experience and expertise outside the organization. Saleh expects the new leadership team to focus on menu innovation to address the weaker lunch daypart and eventually add a permanent value proposition, stronger operational focus and consistency across the system and improving franchisee relations.