Benzinga | Jun 29, 2021 04:39PM EDT

Papa John's Expands To Germany Via Franchise Partner

* Papa John's International Inc (NASDAQ:PZZA), in partnership with its franchise partner PJ Western Group, announced its expansion into Germany.

* Papa John's plans to open 250 restaurants in the German market over the next seven years.

* PJ Western Group has opened the first seven Papa John's in Magdeburg and Leipzig and plans to open another six stores in Halle and Merseburg by the end of the summer.

* "This expansion into Germany follows a record year of sales and growth that has positioned Papa John's to further accelerate development in international markets," said Papa John's CEO Jack Swaysland.

* Papa John's is currently in 50 international countries.

* Stephens maintained an Overweight rating on Papa John's with a price target of $115.

* Price action: PZZA shares closed higher by 0.19 at $104.65 on Tuesday.