Domino's Pizza Group shares were downgraded to Sell from Hold by Deutsche Bank, with the price target cut to 175 pence from 235 pence. The stock closed at 191.10 pence recently. The pizza chain has faced persistent challenges, with like-for-like sales averaging just 0.4% over two years and declining in low-to-mid single digits.

Key initiatives like collection orders (35% of volume) and a loyalty program (trialled since August 2024) have underperformed, with collection volume falling for three quarters and the loyalty program yet to boost sales meaningfully. A full loyalty rollout isn't expected until late 2026 or 2027. Significant management turnover, including CEO and CFO departures, adds to concerns.

Deutsche Bank sees no major near-term initiatives to reverse the sales decline.