Domino's Pizza (DPZ): Raising PT - Jefferies
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Jefferies analyst, Alexander Slagle, reiterated his Hold rating on shares of Domino's Pizza (NYSE: DPZ) and raised his price target to $150 from $135 after the company announced EPS of $0.96 that beat consensus of $0.90.
DPZ saw another quarter of surprisingly strong domestic SSS and benefits from additional share repurchases during the quarter, which more than offset FX headwinds and higher labor costs. Domestic SSS of 13% was well-above the Street’s 9% estimate but was likely only a couple points higher than more optimistic investor expectations. Nonetheless, accelerating 2-year trends are particularly impressive given the more challenging industry landscape where we expect the majority of restaurant operators to be reporting softer trends as the reporting season plays out. Much of the incremental SSS surprise came from a particularly successful loyalty program, which launched in 4Q15.
The new PT of $150 is based on 18x 2017 EBITDA, a premium to peers.
Shares of Domino's Pizza closed at $159.45 yesterday.
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