Pizza chains have seen sales jump amid the pandemic.
While most of the restaurant industry reels from the economic impact of coronavirus, pizza chains are thriving and sending their stocks higher thanks to a surge in online orders and steady demand during the pandemic.David L. Ryan/Boston Globe via Getty ImagesDomino’s and Papa John’s recently provided impressive mid-quarter business updates as stay-at-home orders during the pandemic forced customers to turn to online orders and delivery options more regularly.
Domino’s and Papa John’s, which trade for $366 per share and $77 per share, respectively, have been soaring in recent weeks; Domino’s stock is up 26% in 2020, while Papa John’s is up 23%. in North America and 7% globally since last month—the second straight month of the “best sales period in the company’s history.
MKM Partners says that both companies “are doing the right things operationally” and are “well positioned both strategically and financially” to weather the current crisis. But MKM has concerns about the companies’ recent valuations and has assigned a neutral rating to both stocks; It has a $350 per share price target for Domino’s and a $72 per share price target for Papa John’s.Even as Domino’s and Papa John’s outperform in a challenging environment, Pizza Hut continues to struggle. Yum! Brands, the parent company of Pizza Hut which also owns brands like Taco Bell and KFC, has seen its stock fall over 12% so far this year.
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