Benchmark upgraded Domino’s Pizza (DPZ) to Buy from Hold with a $455 price target following last week’s “upbeat” investor day. The firm now has a better appreciation for the company-specific drivers of same store sales growth that Domino’s possesses going into the new year in what the firm expects will be a challenged economic environment for the consumer heading into FY24, the analyst tells investors. Domino’s did “a very effective job presenting its cohesive approach to its technology platform,” which appears to be on par with industry leaders Starbucks (SBUX) and Chipotle (CMG), the analyst tells investors.
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