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Fly News Breaks for January 23, 2020
DPZ
Jan 23, 2020 | 08:25 EDT
Wells Fargo analyst Jon Tower raised his price target for Domino's Pizza to $294 from $271, while keeping an Equal Weight rating on the shares. The analyst continues to believe that fears around the "impending doom of the company-owned restaurant business model are overdone," but given the variety of persistent challenges facing the space, he expects another year of consolidation within the industry and believes that large, global operators will garner greater investor capital, likely propelling share prices higher in 2020. Meanwhile, the death of delivery as a sales channel is also overblown, he argues as Tower sees the long-term consumer theme of "buying time" remaining firmly in place and operators potentially shifting marketing budgets to support this medium in 2020, which could help keep cost inflation to the consumer at bay.
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