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.
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