Domino's Pizza trades higher after Stifel turns bullish

Domino’s Pizza (NYSE:DPZ) pushed higher on Thursday after Stifel upgraded the pizza stock to a Buy rating after having it slotted at Hold.

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Analyst Chris O’Cull thinks the pizza chain will see delivery sales stabilize over the next 12 month and carryout sales grow to a new record levels. He forecast lower commodity costs and higher labor productivity will boost franchisee profitability and spark more unit growth.

Looking ahead, O’Cull sees carry-out sales as a significant growth opportunity. “While many investors have focused on the increasing competition for share in food delivery, we believe some may be overlooking the sizable opportunity for Domino’s to grow its market share in the carry-out segment,” he noted. Other potential near-term catalysts seen for Domino’s (DPZ) include new initiative plans for franchisees and a loyalty program and app relaunch.

During Q1, Domino’s (DPZ) reported global retail sales grew 5.9%, excluding the negative impact of foreign currency. U.S. same store sales were up 3.6% and international same store sales (excluding foreign currency impact) grew 1.2%.

Stifel increased its price target on DOZ to $350 from $320.

Shares of Domino’s Pizza (DPZ) moved up 2.15% to $313.47 in premarket action on Thursday.

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