Papa John’s reported same-store sales in North America surged 33.5% during the month of May, up from 26.9% in April, according to a business update released by the company Wednesday. Yahoo Finance's Heidi Chung joins Zack Guzman to discuss.

Papa John’s International Inc. (PZZA) said on Wednesday that May comparable sales increased a preliminary 33.5% in North America as the company experienced “extraordinary” demand.Shares are up 7% to $79.45 in Wednesday’s pre-market trading. The value of the stock more than doubled since mid-March as demand for pizza delivery accelerated during stay-at-home orders tied to the coronavirus pandemic.International comparable sales in the April 27 to May 24 period rose 7% year-on-year, according to preliminary figures.“In May, for the second straight month, Papa John’s delivered the best sales period in the company’s history. Our teams continue to meet the needs of new and returning customers and their communities, while making health and safety our top priority,” said Rob Lynch, President & CEO at Papa John’s. “As states and communities slowly reopen, we continue to show strong performance.”Lynch added that the chain’s service of ‘No Contact Delivery’ and new products like Papadias, its flatbread calzone, continue to drive results.In North America, almost all of Papa John’s restaurants remain open and fully operational. Overall out of the 2,100 international franchised stores, about 320 are temporarily closed, mainly in the Middle East, Latin America and Europe. In addition, a number of the chain’s international markets are open mainly for delivery only, such as in the United Kingdom.Five-star analyst Peter Saleh at BTIG this month maintained a Buy rating on the stock with a $85 price target, citing the company’s expanded digital reach and the eventual refranchising of company-owned units.“While we recognize the sales acceleration is attributable to stay-at-home orders and likely unsustainable, we expect the concept to maintain a significant portion of the gains once the environment normalizes,” Saleh wrote in a note to investors. “We continue to believe this business has significant opportunities to drive margin expansion through cost savings, and now, sales leverage."Overall, the Street has a cautiously optimistic outlook on the stock. Analysts are evenly divided between 6 Buys and 6 Holds adding up to a Moderate Buy consensus. The $77.30 average price target is less aggressive than Saleh’s projection and implies 4.2% upside potential in the shares in the coming 12 months. (See PZZA stock analysis on TipRanks).Related News: Domino’s Pizza Delivers Strong US Sales; Top Analyst Boosts Estimates Six Flags Set to Partially Reopen in June, Stock Jumps on News Uber In Partnership With MoneyGram For Driver Discount During Pandemic More recent articles from Smarter Analyst: * Logitech Shares Lifted In Pre-Market On Share Buyback Plan, 10% Dividend Boost * Billionaire Ackman Exits Berkshire Hathaway, Blackstone To Fund Opportunities * HBO Max Launches, But Not Yet Available on Amazon, Roku Platforms * Apple Snaps Up AI Startup Inductiv, As Analysts Boost PTs On Store Reopenings

The probability that U.S. restaurants will default has soared in recent weeks as a result of the devastating COVID-19 pandemic, according to S&P Global Market Intelligence.

Domino’s and Papa John’s stock are rising after upbeat guidance from the two pizza chains. Demand for pizza is accelerating in the face of the coronavirus pandemic.

Papa John's International Inc. stock rose 2.4% in Thursday premarket trading after the company said North American same-store sales grew 26.9% between March 30 and April 26, and grew 33.5% between April 27 and May 24. "In May, for the second straight month, Papa John's team members and franchisees delivered the best sales period in the company's history," said Rob Lynch, Papa John's chief executive in a statement. Papa John's credits features like contactless delivery and new menu items like Papadias for the customer appeal. Of the company's 2,100 international franchised stores, about 320 are temporarily closed across the Middle East, Latin America and Europe. During coronavirus lockdown orders, Domino's Pizza Inc. also said late Wednesday that it saw sales jump. Papa John's stock has soared nearly 59% over the past year while the S&P 500 index has gained almost 6%.

States across the U.S. are beginning to reopen parts of their economies, and a surprising number of consumers are willing to visit restaurants as soon as they reopen, according to a new survey by Piper Sandler.

Papa John's CEO Rob Lynch says business is on a major upswing during the COVID-19 pandemic.

Prime storefronts left empty by failed businesses. As the coronavirus permanently shutters some small businesses, big fast-food brands like Domino's Pizza, Chipotle and Wendy's that were doing well before the crisis want to grow - or continue pre-existing expansion plans - after the pandemic subsides. David Deno, chief executive officer of Outback Steakhouse parent company Bloomin' Brands, told Reuters in an interview that "I don't mean to wish ill on anybody, but there's going to be real estate opportunities," for new stores or relocations to areas with "better visibility, better access and better parking."

The number of deaths from the coronavirus that causes COVID-19 rose above 353,000 on Wednesday, as the World Health Organization said the Americas are at the center of the pandemic following surges in infections in Brazil, Peru, Chile and others in the past few days.

In the month of April, Papa John's saw same-store sales in North America increase by 27%. Papa John's CEO Rob Lynch joins Yahoo Finance to discuss the spike in sales amid the coronavirus pandemic, launch of no contact delivery, the impact of no sports and more.

Domino's Pizza stock has returned to the February high and could break out in a strong uptrend in coming weeks.

Fast food giant Taco Bell is ramping up hiring and announced today that it will be hiring 30,000 workers this summer.

Q1 2020 Papa John's International Inc Earnings Call

As optimism surrounding a coronavirus vaccine and consumer activity begin to pick up, Wall Street is expected to trade higher.

Papa John's provides business update on ongoing response to COVID-19 pandemic

Papa John's (PZZA) shares have started gaining and might continue moving higher in the near term, as indicated by solid earnings estimate revisions.

Yahoo Finance’s Heidi Chung joins Zack Guzman to discuss how the coronavirus is disrupting restaurants.

Papa John's has reported record comparable sales in two straight months thanks in part to the coronavirus lockdown.

Papa John's International (NASDAQ: PZZA) showed just what that meant to its business. Papa John's president and CEO Rob Lynch said the pizza joint already had a tailwind behind it before the coronavirus outbreak, but the nationwide lockdown orders accelerated its growth as it innovated to meet the challenges of the crisis. "The success of 'No Contact Delivery' and new products like Papadias -- both examples of a new culture of innovation at Papa John's -- continue to drive results," Lynch said in a statement.