Shares of Domino's Pizza (DPZ - Get Report) were cooking on Wednesday after an analyst at Morgan Stanley raised his rating on the company to overweight from equal weight, citing "attractive valuation relative to slower-growing peers." 

In a research note to clients, Morgan Stanley analyst John Glass raised his rating on the global pizza chain company and boosted his price target to $283 from $268 on the premise of "taking advantage of what we believe is a price dislocation based on concerns over near-term trends." 

Glass also noted that current consensus estimates of slower same-store sales growth - in the range of 2%-3% over the next two years vs. 5%-6% over the previous two years - is "too bearish based on history for a best-in-class operator."

Shares of Domino's gained nearly 4%, rising $9.98 to $265.32 in trading on the New York Stock Exchange.

Domino's posted weaker-than-expected fourth-quarter earnings in February as comparable sales at its U.S.-owned stores disappointed investors amid increasing competition from rivals and delivery services.  

But some investors including Felix Narhi, a portfolio manager with Vancouver-based PenderFund Capital Management, expect the pizzeria's ongoing turnaround that began with Patrick Doyle becoming CEO in 2010 will continue to produce tasty returns.

"(Doyle) led efforts to completely overhaul its pizza recipe, root out poor franchisees and, most importantly, invest for the future and aggressively embrace technology to make ordering more efficient and customer friendly,' Nahri wrote in a June 2018 client commentary.

"The fundamental improvements of the business have been nothing short of stunning."  

Domino's is slated to report its first-quarter results on April 24.