Domino’s Pizza price target raised to $580 from $530 at Oppenheimer

Oppenheimer raised the firm’s price target on Domino’s Pizza to $580 from $530 and keeps an Outperform rating on the shares. Consistent with the firm’s bullish thesis, Domino’s Pizza’s Q1 update reinforced the investment story’s improving event path. Impressive share gains drove a same-store sales beat with upside entirely traffic-driven. Oppenheimer anticipates share gains to sustain as new drivers remain impactful, and consumers applaud Domino’s price-value proposition. The firm views management’s reiteration of “flattish” 2024 EBIT margin guidance as appropriately conservative.