More people will stay home to track the presidential election and the summer Olympic games in Tokyo, which could provide a boost to pizza delivery chains like Domino's and Papa John's.
With more people expected to stay home to track the U.S. 2020 presidential election and the summer Olympic Games in Tokyo, pizza delivery chains like Domino’s Pizza Inc. and Papa John’s International Inc. are top restaurant picks for analysts from BTIG.
In addition to expected menu innovations and marketing, BTIG thinks there’s room for growth through improved efficiencies, better margins, and more beneficial insurance costs for Papa John’s corporate stores.Papa John’s stock is rated buy with a $75 price target, up from $67. “We believe such a product introduction could reignite order growth and be a catalyst for stronger comparable sales as the year progresses,” analysts said.BTIG also chose Chipotle Mexican Grill Inc. CMG, +0.81% as a “top pick” for a second year.
RBC Capital Markets is also bullish on Domino’s Pizza, rating the stock outperform with a $337 price target. Analysts think fast food will do well, particularly franchised names and others that have low exposure to tariff volatility, and food and labor costs.
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