UPDATE: Bank Of America Downgrades Domino's Pizza On Valuation

In a note released Tuesday morning, Bank of America analyst Joseph Buckley downgraded shares of Domino's Pizza DPZ from Neutral to Underperform and lowered the price target from $77 to $68. Buckley explained that the Domino's downgrade comes amid solid performance from the company over the last few years and is based on valuation rather than an event. Looking at the $68 price target, Buckley noted that it reflects a free cash flow yield of four percent and 14x EV/EBITDA multiple.