| 2019-10-09 08:23:31|
DPZ 08:23 10/09 10/09/19
Domino's Pizza price target raised to $271 from $261 at Wells Fargo
Wells Fargo analyst Jon Tower raised his price target for Domino's Pizza to $271 from $261 saying that with the company lowering its domestic and international same-store sales outlook for the next 2-3 years, a bit of the bear overhang was removed from the stock. Further, with the company demonstrating a willingness to manage costs more aggressively going forward, the analyst thinks the chances of future negative EBITDA revisions was lowered. However, management offered little to assuage concerns that pressure from third-party delivery will abate in the near-term or that consumer behavior will materially shift if promotional activity in that channel begins to wane, he adds. Tower reiterates a Market Perform rating on the shares.