Domino's Pizza shares hold Buy rating with $515 target
Investing.com | Editor Ahmed Abdulazez Abdulkadir
Published Mar 18, 2024 06:19
On Monday, BTIG maintained a positive outlook on Domino's Pizza (NYSE:DPZ), reaffirming the Buy rating and a price target of $515.00 for the company's stock. The endorsement follows recent investor meetings in Chicago, where Domino's CFO Sandeep Reddy and VP of Investor Relations and Finance, Greg Lemenchick, outlined the company's strategic plans.
The BTIG analyst expressed increased confidence in Domino's management's ability to meet financial goals over the coming years. A key factor bolstering this sentiment is the recent partnership with Uber (NYSE:UBER) Eats, which has generated significant investor interest. However, management is reportedly even more optimistic about the changes to their rewards program implemented in September. These changes have been successful in growing loyalty memberships and boosting transaction numbers.
The analyst believes that the momentum from the revamped rewards program has the potential to sustain growth beyond the initial three quarters of its introduction. The discussions during the investor meetings centered on several strategic areas, including the company's collaboration with Uber Eats, the use of aggregators, the overhauled loyalty program, and the state of international markets, with particular attention given to the first three topics.
In light of the discussions and the company's direction, BTIG has reiterated its stance on Domino's Pizza, restating the $515 price target and maintaining the stock's status as a Top Pick.
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