Citi cuts Domino's to 'sell', says risk/reward skewed to downside

The bank noted that since its recent tough, the stock us is up around 20%, with almost half of that coming this week after the first-half results.

"While there were some snippets of encouraging commentary from the results, and it was a good chance to hear from the new management team, there was also a more cautious tone around near-term trends, franchisee relationships and the international disposals," it said.

"And on shareholder returns, the company did not announce an interim dividend. Framing that in the context of the share price moves and valuation levels…we think risk/reward is now more skewed to the downside, and we downgrade."

At 1000 BST, the shares were down 5% at 339.80p.