TD Cowen Downgrades Domino’s Pizza (DPZ) to ‘Hold’, Reduces PT to $460

Group 1 - Domino's Pizza, Inc. (NASDAQ:DPZ) has received a downgrade from TD Cowen from "Buy" to "Hold," with a reduced price target of $460 from $500, reflecting a strategic shift towards value offerings [2] - The company reported strong same-store sales growth, with U.S. comps up 3.40% in Q2 2025 and accelerating to 5.20% in Q3 2025, while international comps were up 2.40% and 1.70% respectively [2] - Bernstein maintains a positive long-term outlook for Domino's, reiterating a price target of $490, citing management's confidence in value initiatives and the expected launch of a new value program in 2026 [3] Group 2 - The focus on lower price-point offerings by Domino's may impact margins and earnings potential compared to previous expectations, leading to a balanced risk-reward view from analysts [2] - Key catalysts for future growth include the full rollout of DoorDash and gains from the ongoing loyalty program, which are expected to support U.S. comparable sales into 2026 [3]