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Domino's profit target trimmed as Jefferies wants to see franchisee mood

Domino's Pizza Group PLC (LSE:DOM) has been hit with a price target cut by US bank Jefferies, which wants more evidence of new franchisee openings.

Underlying profits and earnings estimates have been cut by 8% and 5% respectively to reflect new guidance.

Jefferis adds the new numbers reflect the 'slow' start to the year reported by the company; greater pass-through of deflationary cost benefits to franchisees and corporate store disposals.

The bank’s new target is 400p, down from 430p, though the rating remains ‘buy’.