BTIG analyst Peter Saleh upgraded Domino’s Pizza to Buy from Neutral with a $460 price target. The analyst believes the company’s margins have bottomed and are set to rebound in 2023 due to higher menu pricing and organic improvements in driver availability. He expects Domino’s to enter 2023 with the highest level of menu pricing in more than a decade, and says management could take price on the $7.99 carry-out offering, further bolstering sales and margins next year. Improvements in fundamentals in 2023 should translate into a "resurgence" in development in 2024, and in turn a higher share price, as the "narrative shifts to bullish from bearish," Saleh tells investors in a research note.
Published first on TheFly
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