Domino's Pizza (DPZ) same-store sales have "picked up reasonably well," driven by initiatives like stuffed crust and the DoorDash (DASH) partnership, and H2 will see continued sales acceleration, Morgan Stanley said Thursday in an earnings preview.
The firm expects Q2 earnings to exceed the Street's estimates due to stronger revenue and lower commodity costs.
Early signs for Domino's US partnership with DoorDash are positive and are expected to show full impact in H2, according to the preview.
Morgan Stanley said that stuffed crust pizza has seen solid adoption and appears to be contributing to sales mix and check size with early data showing strong consumer reception.
The firm raised its price target on Domino's stock to $514 from $510 with an overweight rating.
Price: 472.18, Change: +8.70, Percent Change: +1.88
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