The firm also raised its price target for the chain.
Oppenheimer has regained its appetite for Domino's Pizza shares. Analyst Brian Bittner named the Michigan-based pizza chain a top pick and raised his price target to $450. His new target implies an upside of 17.5% over Monday's close. "We view DPZ as an under-appreciated revival story into '24, and elevate the idea into our 'top picks,'" Bittner said in a note to clients Tuesday. Same-store sales have the potential to beat Wall Street consensus next year, he said.
And he said Domino's can begin reversing the cycle and moving higher in the fourth quarter as the company "enters one of the most promising self-help cycles we've identified in years." To be sure, he said the stock's performance could be impacted by increased competition, higher costs, or any negative shocks to consumer behavior. Third-quarter earnings likely won't provide upside after getting reported next month, he said.
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