Pizza Stock Hot After Overdue Bull Notes

The shares of Domino's Pizza, Inc. (NYSE: DPZ) are up 0.2% at $386.40 at last check, despite the restaurant chain earning price target hikes from both MKM Partners and Oppenheimer this morning. Respectively, the firms hiked DPZ to $375 from $350, and to $425 from $405.

On the charts, the equity has roared higher since an early-February encounter with the $270 level, culminating in $394.75 on June 11. During this time, a late-June pullback was contained by the shares' 80-day moving average. Longer-term, DPZ is up 38.9% in the last 12 months.

Today's bull notes reflect the analyst optimism toward DPZ, with 12 of the 20 in coverage sporting a "buy" or better rating, while the remaining eight carried a tepid "hold." "Meanwhile, the 12-month consensus target price of $395.84 is a 2.7% premium to current levels, implying there is still room for more price-target hikes.

A look at the equity's options pits shows calls nearly doubling puts. In fact, 3,003 calls were exchanged in the past 10 days, as opposed to 1,821 puts. Meanwhile, DPZ's Schaeffer's open interest ratio (SOIR) of 0.83 stands higher than just 24% of readings from the past year, implying short-term options traders have been more call-biased than usual.