Baird analyst David Tarantino upgraded Domino’s Pizza to Outperform from Neutral with a price target of $580, up from $530. With the shares down 7.5% from the June peak and with confidence in the fundamental outlook having risen, Baird now sees a more appealing risk/reward on the stock, the analyst tells investors in a research note. The firm is optimistic that Domino’s “Hungry for MORE” strategy can drive a multi-year stretch of “standout top-line performance,” and it believes continued evidence of strong fundamentals in upcoming quarters can help to support premium valuation metrics, allowing the stock to work higher over the next 12 months as the earnings base rises.
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