Selected stock price target news of the day - July 13, 2023

By Matthew Otto

Domino’s Pizza Partners with Uber to Expand Delivery Services

Domino’s Pizza announced a partnership with Uber’s Uber Eats and Postmates apps. The agreement makes Uber Eats the exclusive third-party platform for Domino’s in the United States until at least 2024. Domino’s will retain control over its brand and food quality by using its own drivers for deliveries, while also benefiting from the expanded reach offered by Uber’s platforms.

By joining Uber Eats and Postmates, Domino’s aims to reach new customers accustomed to ordering through these popular delivery apps. This move represents a shift for Domino’s, which previously relied on its own app, website, and drivers for deliveries.

The agreement also includes plans for Domino’s to transition to Uber Eats for deliveries in 27 international markets, including the United Kingdom, Canada, and Australia. This expansion into international markets aligns with the existing presence and operations of both Domino’s and Uber in these countries.

Analysts Offer Mixed Ratings and Adjust Price Targets for Domino’s Pizza

 

  • Wells Fargo analyst Zachary Fadem maintained an Equal-Weight rating and price target raised from $310 to $375.
  • Baird analyst David Tarantino reiterated a Neutral rating and price target raised from $320 to $360.
  • Northcoast Research analyst Jim Sanderson Upgrades from Neutral to Buy and announces a $430 price target.
  • Citigroup analyst Jon Tower remained a Neutral rating while price target raised from $349 to $405.
  • TD Cowen analyst Andrew Charles reiterated a Market Perform rating and a $330 price target.
  • Stephens & Co. analyst Joshua Long maintained an Equal-Weight rating and a $300 price target.
  • Loop Capital analyst Alton Stump remained a Hold rating while price target raised from $320 to $343.

Analyst Chris O’cull (STIFEL) currently has the highest performing score on DPZ with 16/16 (100%) price target fulfillment ratio. His price targets carry on an average of $25.62 (10.55%) potential upside and are fulfilled within an average of 97 days.

Delta Air Lines Achieves Record-Breaking Quarterly Revenue

Delta Air Lines posted its highest-ever quarterly revenue and earnings in the second quarter, driven by strong travel demand and lower fuel costs. International travel and premium seat bookings, such as first class, performed exceptionally well during this period. The company raised its 2023 earnings forecast, reflecting its confidence in sustained travel growth. Delta’s CEO, Ed Bastian, expects consumer travel enthusiasm to continue driving bookings for years to come, referring to the current period as the “mid-innings” of travel growth.

Delta anticipates a slow but steady increase in corporate travel bookings and robust international demand in the coming months. The company reported a 22% decrease in fuel costs, which significantly contributed to its strong financial results. Delta’s net income for the quarter reached $1.83 billion, the highest since 2013. Adjusted revenue for the three-month period ending June 30 was $14.61 billion, representing a 19% increase from the previous year. These figures surpassed analysts’ expectations and highlighted the airline’s resilience amidst the recovering travel industry.

Delta Air Lines Upgraded by Analysts with Higher Price Targets

 

  • Barclays analyst Brandon Oglenski maintains an Overweight rating and raises the price target from $55 to $58.
  • Susquehanna analyst Christopher Stathoulopoulos reiterates a Positive rating and raises the price target from $54 to $60.
  • Jefferies analyst Sheila Kahyaoglu remains on Buy rating and raises the price target from $50 to $60.

Analyst Andrew Didora (BAML) has currently the highest performing score on DAL with 12/13 (92.31%) price target fulfillment ratio. His price targets carry on an average of $6.29 (15.05%) potential upside and are fulfilled within an average of 297 days.

 

ExxonMobil to Acquire Denbury in $4.9 Billion Deal

Exxon Mobil has announced its acquisition of carbon capture developer Denbury in a deal valued at $4.9 billion. The acquisition will give Exxon ownership of the largest carbon dioxide pipeline network in the United States. The move is part of Exxon’s strategy to expand its Low Carbon Solutions business and offer comprehensive carbon capture and sequestration solutions to industries that are difficult to decarbonize. The acquisition has been approved by the boards of directors of both companies and is expected to close in the fourth quarter of the year, pending regulatory approval.

Denbury investors will receive 0.84 shares of Exxon Mobil for each share of Denbury they own. Denbury’s CEO, Chris Kendall, believes that ExxonMobil is the ideal partner due to its extensive resources and capabilities required for the development of the carbon capture business.

Analysts Adjust Price Targets for Exxon Mobil 

 

  • Wolfe Research analyst Sam Margolin downgraded from Outperform to Peer Perform.
  • UBS analyst Josh Silverstein maintains a Buy rating and lowered the price target to $137 from $139.
  • Citigroup analyst Alastair Syme reiterates with a Neutral rating and a $110 price target.

Analyst Jon Rigby (UBS) has currently the highest performing score on XOM with

3/4 (75%) price target fulfillment ratio. His price targets carry on average an$13.1 (16.10%) potential upside and are fulfilled within an average of 571 days.

 

Daily stock Analysts Top Price Moves Snapshot