Bernstein lowered the firm’s price target on Domino’s Pizza (DPZ) to $440 from $460 and keeps a Market Perform rating on the shares. The firm notes that in the U.S., delivery sales ex-UberEats (UBER) deteriorated to the point that the trends turned negative after three quarters, further highlighting the exposure of the delivery business to macro fluctuations and increased competition. The return to 2022-23 dynamics of eluding value-conscious consumers could put pressure to the delivery business, after the benefits of aggregators channels fade, post-one-time benefits expected to be highest in FY24 and FY25, the firm says. Yet, the carryout momentum, focus on value and return of Emergency Pizza, together with the scale advantages, could help Domino’s sustain market share gains in an environment where value and advertising matter, Bernstein argues.

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• Domino’s Pizza price target lowered to $500 from $510 at BMO Capital

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• Domino’s Pizza price target lowered to $490 from $500 at RBC Capital

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