JPMorgan Downgrades Domino's Pizza (DPZ) to Neutral
- Wall Street closes rollercoaster week sharply lower
- Invesco (IVZ) Reportedly in Talks to Merge With State Street's (STT) Asset Management Business, Citi Sees More Cons than Pros
- FDA Votes "No" on Pfizer (PFE) Booster for 16+ Age Group, 2 Yes 16 No
- Jefferies Raises Price Targets on Alphabet (GOOGL) and Facebook (FB) as They Are Still Inexpensive Relative to Growth, Reiterates Snap (SNAP) as a Best Growth Idea
- Tesla (TSLA) Could Deliver 900K EV Units This Year and 1.3M in 2022 - Wedbush
News and research before you hear about it on CNBC and others. Claim your 1-week free trial to StreetInsider Premium here.
JPMorgan analyst John Ivankoe downgraded Domino's Pizza (NYSE: DPZ) from Overweight to Neutral with a price target of $530.00 (from $425.00).
The analyst comments "After a great run, with shares up ~117% (vs ~54% SPX) since March 2019, we believe it is now time to lock-in profits at Domino’s Pizza. Stretching the target multiple to 30x on our new F23 EPS of $17.70 plus ending F22 cash yields a new December 2022 price target of $530/share, still below the post-EPS closing price of $538.55/share. Driving the +14.6% post-2Q earnings stock move was US system comps of +3.5% with 2Q21 v 2Q19 AUVs up ~19%. Evidently, order count was around flat vs 2Q20 and consumers added more items per transaction and absorbed more system pricing. Certainly, as is the case in all of QSR, the segment is benefitting from a rare combination of time and money and a lack of desire to cook at home (even if willing to eat at home). C22 into C23 for the segment may prove challenging as some of these lower-income consumer benefits experience a y/y wane."
Shares of Domino's Pizza closed at $538.82 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- After a Series of Video Game Release Delays, BMO Downgrades Take-Two (TTWO) to Market Perform
- Correction: Cowen Sees a Short Term Trading Opportunity in L3Harris Technologies (LHX) Ahead of Earnings
- Mitsui High-Tec Inc (6966:JP) PT Raised to JPY9,600 at Goldman Sachs
Create E-mail Alert Related CategoriesAnalyst Comments, Downgrades, Hot Comments, Hot Downgrades
Related EntitiesJPMorgan, Earnings
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!