Evercore ISI analyst David Palmer lowered the firm’s price target on Domino’s Pizza to $480 from $500 and keeps an Outperform rating on the shares, which the analyst is adding to the firm’s “Tactical Underperform” list ahead of Q3 earnings due on Thursday. The firm is lowering its U.S. same-store sales growth estimate to 2% from 4%, moving it below the consensus forecast of 3.8% growth, to reflect findings from its proprietary consumer panel data, the analyst tells investors. For Q4, the firm believes 2% U.S. same-store sales growth is “still doable,” while acknowledging reliance on promotions.
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