Domino's Pizza (DPZ) PT Raised to $450 at Oppenheimer, New Top Pick, 'under-appreciated revival story'

Oppenheimer analyst Brian Bittner raised the price target on Domino's Pizza (NYSE: DPZ) to $450.00 (from $427.00) while maintaining a Outperform rating.

The analyst comments "We view DPZ as an under-appreciated revival story into '24, and elevate the idea into our "top picks". Our analysis suggests SSS have tangible drivers to bend trends above consensus in '24 which could: 1) drive positive earnings revisions, 2) validate unit growth restoration, and 3) repair investor sentiment. Over the past 18 months, our stance had been less bullish owing to a downward revision cycle that we now believe has bottomed and will reverse. We don't expect upside to 3Q23 results (on 10/12), but are attracted to the event path thereafter including our HQ visit (on 11/3), Investor Day (on 12/7) and future results. Raise '24E EPS above consensus and increase target to $450."

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