In a telephone interview, Ginsberg told Reuters that Domino’s may exceed its target of opening 50 new stores this year as it benefits from sites becoming available as a result of the deteriorating economic conditions. DPZ dropped 0.75 to 323.11 Wednesday, on what proved to be an all-around rough trading session for the stock market, with the S&P 500 Index SPX falling 0.52 to. The investment banks Chris OCull upgraded shares of the pie master from neutral to buy and raised his price target on Dominos stock to 350 a. Growth appears to be picking up due to customers trading down for value food and drink,” he said.Īltium Securities repeated its ‘buy’ stance and increased its 2009 pretax profit forecast to 26.3 million pounds from 25.9 million pounds and same store sales forecast to 5 percent from 4 percent.ĭomino’s said it opened 52 new stores during the year, bringing the total to 553, creating 1,600 new jobs and leaving it on track to exceed its target of at least 1,000 stores in the next ten years. Why Dominos Pizza Stock Is Piping Hot on Thursday.
“We expect further upgrades to follow as the year progresses. Numis analyst Douglas Jack, who rates the shares a ‘buy’, increased his 2009 pretax profit forecast by 2 percent to 26.4 million pounds and lifted his price target on the stock to 350 pence from 335 pence previously. Domino’s Pizza Domino’s Pizza advanced 3.1 after BMO upgraded the stock to outperform, forecasting a rebound in the fast-food chain on the back of strong demand. FTASX3570 by 28 percent over the last year, rose by over 5 percent before falling back on profit taking to trade down 1.8 percent at 222 pence at 1015 GMT, in line with the wider market. Shares in Domino's, which have outperformed the FTSE All Share Food Producers Index. That has accelerated to 15 percent in the first six weeks of the current year, a performance the company described as “exceptional”. From the Big Apple to the California coast and in between, our stores are at the center of how we serve our guests.
28 increased by 25 percent to 23.4 million pounds ($33.5 million), ahead of the consensus forecast of 23 million pounds according to a Reuters Estimates poll of nine analysts.ĭomino’s said sales increased by 18.4 percent to 350.8 million pounds during the year, incorporating same store sales growth of 10 percent.
#Dominos stock target upgrade#
LONDON, Feb 17 (Reuters) - Britain's biggest pizza delivery chain, Domino's Pizza UK & IRL Plc DOM.L, reported strong sales growth and full-year profits ahead of forecasts on Tuesday, prompting brokers to upgrade 2009 earnings forecasts.ĭomino’s, which operates the UK and Ireland franchise of the global home delivery brand, said it had benefited from recession-hit consumers staying in to save money and switching to takeaways instead of dining out or going to pubs.Ī third of the 2.7 million households Domino’s delivered to during the year were new customers, the company said.ĭomino’s said underlying pretax profit for the 52 weeks to Dec.
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