Shares in Australia’s Domino’s Pizza Enterprises (ASX:DMP) surged by as much as 4.3% up to A$53.64, suggesting one of their most significant rises since August 23 if the increase maintains.

Analysts at Citi upgraded their rating of the stock from ‘neutral’ to ‘buy’, elevating the price target from A$57.95 to A$58.60.

Citi expressed they were enthused by the progression of the company’s strategies in the past few months, and also mentioned that the company’s attempts to decrease gearing could offer more opportunities for additional acquisitions.

As of the last close, the stock had fallen 22.4% this year.

Domino’s Pizza Enterprises (ASX:DMP) is an international firm primarily engaged in the operation of retail food outlets and franchise services.