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Domino's Pizza Succeeds In Driving More Traffic: Analysts Revise Forecasts After Q1 Results

Domino’s Pizza Inc (NYSE:DPZ) shares were climbing Tuesday after the company reported better-than-expected first-quarter results. The results came amid an exciting earnings season. Here are some key analyst takeaways from the release. BMO Capital Markets On Domino’s Pizza Analyst Andrew Strelzik reiterated an Outperform rating while raising the price target from $535 to $575. Domino’s Pizza reported first-quarter earnings of $3.58 per share, surpassing consensus of $3.41 per share, with the beat being "driven by stronger comps, higher supply chain profits, and a lower tax rate," Strelzik said in a note. The company "continues to realize meaningful domestic business momentum," with its partnership with Uber Technologies Inc's (NYSE:UBER) Uber Eats and loyalty revamp, "as well as more vocal marketing," he added. "DPZ’s strategy is driving broad momentum, including among the more challenged low-income consumer cohort, which should extend through the remainder of 2024 and beyond," the analyst further wrote. TD Cowen On Domino’s Pizza Analyst Andrew Charles maintained a Buy rating while lifting the price target from $550 to $580. Management attributed the strength in the first quarter to "September’s revamped loyalty program," which drove both ...