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PZZA

Papa John's

$46.55

0.7 (1.53%)

18:56
08/29/18
08/29
18:56
08/29/18
18:56

Papa John's says Schnatter 'promoting self-interest' and 'harming the company'

Papa John's released the following from the Special Committee of independent directors of the Papa John's board of directors: "The independent members of the Papa John's Board of Directors take seriously our responsibility to serve and protect the best interests of Papa John's and our stakeholders. John Schnatter is promoting his self-interest at the expense of all others in an attempt to regain control. John Schnatter is harming the Company, not helping it, as evidenced by the negative impact his comments and actions have had on our business and that of our franchisees. We have tried to meet directly with John Schnatter to discuss how we can move forward in the best interest of all stakeholders. However, John Schnatter had not responded to our requests until last week when his attorney conveyed his conditions for a meeting, stating John Schnatter would agree to meet only if we cancelled the annual Operators Conference and allowed John Schnatter alone to reschedule it to a date, time and location of his choosing. OpCon, which is being held this week, is a critical annual meeting that brings together approximately 1,500 team members and franchisees from all around the world. John Schnatter's demand that it be cancelled just one week in advance was unreasonable and does not support his purported concern for the future success of Papa John's franchisees, employees and team members. The Board's decision to appoint a new CEO at the end of last year was unanimous as was the later decision to appoint a new Chairman. John Schnatter praised Steve Ritchie in his own book as a "model of what a leader should be" and fully supported his appointment as CEO. However, when the Company decided to implement a new marketing plan that did not feature John Schnatter, he began to criticize the management team and undermine the new CEO's leadership." The committee continued, saying that Schnatter has demonstrated "a continued pattern of ignoring decisions" of the board. In particular, the board said that Schnatter was told not to talk about the NFL controversy related to the National Anthem, and that it is "simply not true" that the board asked him to become executive chairman or that the board agreed with him that CEO Ritchie "needed to go." The board added that Schnatter misinformed the board about the circumstances surrounding the termination of the company's relationship with Laundry Service and "directly violated" violated the instructions of the board in July 2018 when he held a meeting with another restaurant company's executives without Steve Ritchie. The board had instructed John Schnatter to only have this meeting with the CEO present.

PZZA Papa John's
$46.55

0.7 (1.53%)

08/27/18
08/27/18
NO CHANGE

Fly Intel: Today's top analyst calls on Wall Street
Check out today's top analyst calls from around Wall Street, compiled by The Fly. MORGAN STANLEY DOUBLE DOWNGRADES U.S. STEEL: Morgan Stanley analyst Piyush Sood double downgraded U.S. Steel (X) to Underweight from Overweight as he notes that steel prices are falling and he believes the recent price peak is "firmly behind" the market. Sood lowered his price target on U.S. Steel shares to $30 from $44. He prefers AK Steel (AKS), which he upgraded to Overweight from Equal Weight citing its good free cash flow prospects, and also prefers Steel Dynamics (STLD), which he also upgraded to Overweight from Equal Weight. PAPA JOHN'S UPGRADED TO BUY: Kalinowski Equity Research's Mark Kalinowski upgraded Papa John's (PZZA) to Buy from Neutral as he believes the reported hiring of Bank of America and Lazard increases the odds of a favorable outcome over the next 12 months, including the possibility of an acquisition. He noted that CNBC reports the company "isn't currently exploring a sale," but he believes a sale makes a lot of sense. BLOOM ENERGY CUT TO UNDERPERFORM: Credit Suisse analyst Michael Weinstein downgraded Bloom Energy (BE) to Underperform from Neutral, with a $24 price target on the stock, on valuation. While the analyst acknowledged the disruptive potential of Bloom Energy's technology, the stock is now trading at a premium. Although the company has shown impressive success so far, much work remains to be done to continue lowering costs and deliver next generation improvements, he contended. WEDBUSH CUTS CHIPOTLE TO UNDERPERFORM: Wedbush analyst Nick Setyan downgraded Chipotle Mexican Grill (CMG) to Underperform from Neutral and lowered his price target for the shares to $445 from $450. Setyan sees increased risk to Chipotle's near-term same-store-sales growth and margin expectations, and continues to see risk to margin expectations through 2020. Quarter-to-date checks suggest risk to the current Q3 consensus same-store-sales growth expectation, Setyan said. Further, the analyst believes that while theoretical drivers towards 2019 same-store-sales growth expectations exist, the risks are underappreciated.
08/27/18
08/27/18
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. First Majestic (AG) upgraded to Outperform from Market Perform at BMO Capital with analyst Ryan Thompson citing his expectations of gross margin improvement following the shutdown of the high-cost La Guitarra mine and the integration of the high-margin San Dimas mine. 2. Papa John's (PZZA) upgraded to Buy from Neutral at Kalinowski with analyst Mark Kalinowski saying he believes the reported hiring of Bank of America and Lazard increases the odds of a favorable outcome over the next 12 months, including the possibility of an acquisition. 3. Portola Pharmaceuticals (PTLA) upgraded to Neutral from Underperform at Credit Suisse with analyst Vamil Divan citing Johnson & Johnson (JNJ) and Bayer's (BAYRY) presentation of disappointing data for Xarelto in the acute medically ill population at ESC. 4. Bancolombia (CIB) upgraded to Neutral from Sell at Citi. 5. AK Steel (AKS) and Steel Dynamics (STLD) were upgraded to Overweight from Equal Weight at Morgan Stanley. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
08/27/18
KERI
08/27/18
UPGRADE
KERI
Buy
Papa John's upgraded to Buy from Neutral at Kalinowski
Kalinowski Equity Research's Mark Kalinowski upgraded Papa John's to Buy from Neutral as he believes the reported hiring of Bank of America and Lazard increases the odds of a favorable outcome over the next 12 months, including the possibility of an acquisition. He noted that CNBC reports the company "isn't currently exploring a sale," but he believes a sale makes a lot of sense, Kalinowski tells investors.
08/24/18
BTIG
08/24/18
NO CHANGE
BTIG
BTIG sees low likelihood of strategic transaction for Papa John's
After Reuters reported that Papa John's has tapped Bank of America and Lazard as financial advisers in an effort to find ways to "stabilize" its business, BTIG says it believes the likelihood for some type of strategic action is low without founder John Schnatter's approval. The firm does not believe that Schnatter has any interest in selling his stake or willingly stepping away from the company. This makes the math on shareholder approval of any type of action difficult, but not impossible BTIG contends. It keeps a Neutral rating on Papa John's.

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