Ann: Half Year 2023 Market Presentation, page-30

Ha ha You are wrong and misleading people! It is 70 from 90 but still quite a bit of upside. Shorts will likely racked today if we go beyond $60

Morgans seeing value now after ~25% drop yesterday

COMMENTARY

First half earnings (EBIT) for Domino's Pizza Enterprises missed forecasts by Morgans and consensus by -5% and -7%, respectively, as customers resist recent price rises.

Europe was again the primary area of earnings weakness as its earnings margin contracted to 7% from 8.5% in the 2H of FY22. Management also noted the 8-10% network expansion target for FY23 may be in jeopardy.

The broker doesn't expect a rapid turnaround in the company's fortunes and significantly lowers its FY23 and FY24 forecasts and slashes its target to $70 from $90.

Given the negative share price reaction to the result, the analyst keeps an Add rating as there's sufficient upside to the new target price.