Domino’s Pizza upgraded to buy by Benchmark as loyalty program and Uber Eats partnership seen boosting sales

Domino’s Pizza Inc.
DPZ,
-1.77%
was upgraded to buy by Benchmark on Monday, with analyst Todd Brooks highlighting a better appreciation for the company’s drivers of same-store sales growth heading into the new year after an upbeat investor day. Domino’s management cited the successful launch of a loyalty program and the positive sales impact of a partnership with Uber Eats at the start of fiscal 2024. “Domino’s did a very effective job presenting its cohesive approach to its technology platform, which appears to be on par with industry leaders Starbucks
SBUX,
+0.18%
and Chipotle
CMG,
+0.75%.
,” Brooks wrote in a note to clients. “The program is built to enhance the Domino’s experience with both customers (at an increasingly personalized level) and with its employees.” Brooks set a $45 price target for the stock, which is 15% above its current price. The stock was down 0.5% premarket, but has gained 14% in the year to date, while the S&P 500
SPX,
+0.41%
has gained 20%.