Independent Equity Research

Kenneth Gannon

Valuation-driven, Process-Oriented Research for the Long-Term Investor

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CoverageConsumer Discretionary2 reportsHealthcare1 report

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DPZNASDAQ
Buy

Domino's Pizza, Inc. — Initiating Coverage

We initiate coverage of Domino's Pizza with a Buy rating and $380.74 price target representing 19.7% upside. DPZ's capital-light franchise model generates highly predictable royalty income on $20.1 billion in global system sales; near-term U.S. same-store sales softness is cyclical, not structural, and the stock trades at a material discount to intrinsic value.

Target

$380.74

Current

$318

Upside

+19.7%

Consumer Discretionary

Initiating Coverage

Jul 22, 2026

DKSNYSE
Hold

Dick's Sporting Goods (DKS) — Initiating Coverage

We initiate coverage of Dick's Sporting Goods with a Hold rating and a $252.28 price target with 9.3% implied upside, just below our 10% Buy threshold. The fundamental moat is intact, but the current price already reflects base-case value, leaving insufficient margin of safety for a conviction buy.

Target

$252.28

Current

$230.73

Upside

+9.3%

Consumer Discretionary

Initiating Coverage

Jun 25, 2026

HCANYSE
Buy

HCA Healthcare, Inc. — Initiating Coverage

We initiate coverage of HCA Healthcare with a Buy rating and $546.22 price target representing 33.4% upside. HCA is the best-in-class large-cap hospital operator with dominant Sun Belt positioning and an aggressive buyback program; near-term ACA and Medicaid headwinds are already conservatively priced in.

Target

$546.22

Current

$409.55

Upside

+33.4%

Healthcare

Initiating Coverage

Jun 25, 2026