Today’s very brief recommendation comes from the always-succinct Shortex, edited by Joseph Parnes. Here’s one of his latest buys:
“Papa John’s International, Inc. (PZZA) reported FY/Q1 earnings of $0.79 per share, versus consensus of $0.55 per share. Management expects 2012 earnings of $2.40-$2.50 per share, versus the previous forecast of $2.33-$2.43 per share.
“The company plans to open 300 restaurants in North America and 1,200 globally in the next six years.
“The recent high of $50.45 is being retraced/corrected. Primary support is at 42-44. Accumulation is intact; new highs are on the horizon.
“Buying Range: 44-48, Near-term Objective: 57, Intermediate-term Objective: 63, Stop Loss: 39.”
- Joseph Parnes, Shortex, May 23, 2012