Domino's Pizza (DPZ) PT Raised to $460 at JPMorgan
JPMorgan analyst John Ivankoe raised the price target on Domino's Pizza (NASDAQ: DPZ) to $460.00 (from $440.00) while maintaining a Neutral rating.
The analyst comments "1Q25 results fell short of expectations again but shares closed +0.6% higher as strong QTD US SSS trends of ~MSD (per Alternate data sets) - benefitting from the new stuffed crust product halo will be followed by DoorDash platform add in May - allowing reiteration of the 3% US comp outlook in F25. This still implies an ambitious inflection in the slope of 2H25 trajectory vs 1Q trends, which is hard for us to underwrite in a low consumer confidence backdrop especially given - 1) now discussed longer (than 3y) ramp period for 3P platform to reach its ~$1b incremental sales goal, 2) normalization of momentum from much commoditized stuffed crust product in the category, and more notably 3) continuing “store splits” that questions adding additional delivery capacity to a market where category demand remains challenged (flattish in 1Q y/y). US system 1Q comps were down 0.5% vs our +1.5%. International was better than expected with 1Q25 comps of +3.7% vs our +2.5%, likely making this the high watermark for the remainder of the year."