Wedbush removes Domino's Pizza from 'best ideas' list due to 'value wars'
** Wedbush removes Domino's Pizza DPZ.N from its best ideas list ahead of the pizza chain's Q3 earnings report on Oct. 10
** Cuts PT to $470 from $510; maintains "outperform" rating
** Stock down 19 cents on low volumes at $421.00 in premarket trading
** DPZ's market share gains could be limited in the second half of 2024 due to higher competition from "value wars" among burger chains - Wedbush
** Pizza chains' higher value-for-money offerings have helped them gain market share when menu prices have soared in the fast food industry
** However, a recent "aggressive pivot to value, led by McDonald's," could eat into DPZ's gains, Wedbush notes
** Domino's is expected to post a 3.8% growth in Q3 domestic comparable sales next week, which would be sequentially slower than Q2 - LSEG
** Median PT of 35 analysts on the stock is $496 - LSEG
** Shares up 2.1% YTD as of Thursday's closing price of $420.89
Reporting by Juveria Tabassum in Bengaluru
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