Domino's Pizza (DPZ) PT Lowered to $357 at Morgan Stanley

Morgan Stanley analyst Brian Harbour lowered the price target on Domino's Pizza (NASDAQ: DPZ) to $357.00 (from $370.00) while maintaining a Equalweight rating.

The analyst comments "Our view: The challenge for DPZ shares we think is mostly about category/TAM questions, broader QSR softness, and spiking interest rates, while earnings volatility or the business model itself are inherently much less of a concern, in our view. We don't think these issues are getting worse, but nor are they going away, hence we struggle with positive stock catalysts aside from reasonable valuation on most any metric, including FCF yield notably, and ~15x P/E near 10-year lows. We remain EW rated on that basis, with upside skew to our PT, but it's not our view this quarter will be an all-clear signal or major inflection yet."

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