Papa John's gains as BofA moves to no rating amid takeover reports

J. Michael Jones

Papa John's (NASDAQ:PZZA [https://seekingalpha.com/symbol/PZZA]) rose 2.3% as a BofA analyst moved to no rating from neutral amid recent takeover reports.

The pizza chain is no longer trading on fundamentals after recent takeover reports, BofA analyst Sara Senatore wrote in a note on Friday. She cited a Reuters report from last Wednesday that Apollo Global (APO [https://seekingalpha.com/symbol/APO]) submitted a takeover bid for $64 a share.

"While details are limited and the parties have not confirmed the reports and no deal is guaranteed, we believe the market is discounting a high likelihood that PZZA will be acquired," Senatore wrote.

Reuters reported in June that Apollo and Irth Capital Management submitted a joint offer [https://seekingalpha.com/news/4457361-papa-johns-soars-on-report-of-takeover-interest-from-apollo-global-and-qatari-fund] for Papa John's (NASDAQ:PZZA [https://seekingalpha.com/symbol/PZZA#hasComeFromMpArticle=false#source=section%3Amain_content%7Cbutton%3Abody_link%7Cfirst_level_url%3Anews]) at just above $60 per share.

Papa John's (NASDAQ:PZZA [https://seekingalpha.com/symbol/PZZA]) is set to report Q3 results on Nov. 6. [https://seekingalpha.com/pr/20252455-papa-johns-to-report-third-quarter-results-on-november-6-2025]

MORE ON PAPA JOHN'S

* Papa John's: Apollo's Bid Confirmed Our Price Target [https://seekingalpha.com/article/4831006-papa-johns-apollo-bid-confirmed-our-price-target]
* Papa John's Became More Attractive And Resilient Even When M&A Talks Went Silent [https://seekingalpha.com/article/4829804-papa-johns-became-attractive-resilient-m-and-a-talks-silent]
* Papa John's Shows Signs Of A Turnaround [https://seekingalpha.com/article/4815568-papa-johns-shows-signs-of-a-turnaround]
* Key deals this week: Paramount Skydance, PotlatchDeltic, Brighthouse Financial, Papa John's and more [https://seekingalpha.com/news/4505434-key-deals-this-week-paramount-skydance-potlatchdeltic-brighthouse-financial-papa-johns-and-more]
* Papa John's jumps after report of $64 a share bid from Apollo [https://seekingalpha.com/news/4504242-papa-johns-jumps-after-report-of-64-a-share-bid-from-apollo]