Bernstein upgraded Domino’s Pizza to Market Perform from Underperform with a price target of $370, up from $330. The analyst says 2024 will be the first “normal” year for restaurants since 2019. Despite continued skepticism on the pizza category outlook, the near-term setup for 2024 has turned attractive and there are no immediate catalysts that could materially pressure Domino’s, the analyst tells investors in a research note. However, the believes the stock’s valuation has run ahead of growth expectations and will eventually re-rate downward as the dynamics of a hyper competitive, mature category translates to moderating growth beyond the short-term growth catalysts.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See today’s best-performing stocks on TipRanks >>
Read More on DPZ:
- Domino’s Pizza price target raised to $470 from $440 at Stifel
- Domino’s Pizza price target raised to $346 from $340 at Barclays
- The restaurant stocks to own in 2024, according to Wedbush
- Salesforce downgraded, Starbucks initiated: Wall Street’s top analyst calls
- Domino’s Pizza initiated with a Buy at HSBC