Credit Suisse analyst Jason West upgraded Domino's Pizza (DPZ) to Outperform and raised his price target for the shares to $220 from $205. The shares closed yesterday up $4.72 to $191.66.

The stock has sold off sharply from recent highs, despite "significant upside": to forward earnings around tax reform, West tells investors in a research note. He believes concerns around a Q4 sales miss and incremental delivery competition are now priced into the stock. Further, the analyst notes that his proprietary delivery survey suggests that the potential share shift towards third-party delivery services may be more gradual than some investors fear.

West calls Domino's one of the best growth stories in retail.