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HomeBusinessDomino’s Pizza Started With a Buy Rating at Goldman Sachs

Domino’s Pizza Started With a Buy Rating at Goldman Sachs

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Domino’s Pizza (NYSE:DPZ) shares rose more than 1% pre-market today after Goldman Sachs analysts initiated coverage on the company with a Buy rating and a price target of $612.00.
The analysts highlighted that Domino’s Pizza is expected to see a 16% upside to the 12-month price target due to strong platform momentum driven by the company’s “Hungry for More” strategy, introduced in Q4/23. The company’s marketing innovations, such as the revamped rewards program and the emergency pizza campaign, have led to exceptional transaction growth. Domino’s also continues to maintain some of the best franchise unit economics in the restaurant industry.
The analysts believe that Domino’s has several strategic levers to sustain this momentum, including benefits from the updated rewards program, gains in the carryout market, and expansion through UberEats. The analyst projects a 5% compound annual growth rate (CAGR) in units and 3-4% same-store sales growth from 2024 to 2026. Additionally, modest general and administrative (G&A) leverage is expected to result in EBITDA estimates that are 2% above consensus, implying around 10% EBITDA growth over the next three years.

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