CNBC's Jim Cramer on Friday explained why Domino's Pizza stock soared this week, going from $298 to $331, with a 6.5% gain on Thursday alone.

Domino's has been struggling with a post-Covid hangover, Cramer said, plummeting last month to its lowest levels since the pandemic.

But besides the general hype about restaurant chains after Cava's successful initial public offering, Cramer thinks Domino's performed so well in part due to bullish reports released this week from analysts at Piper Sandler and Stifel.

"I think this pair of positive Domino's notes, especially the upgrade from Stifel yesterday, has shaken investors out of their malaise toward this name and made them take a fresh look at the stock, which many of them had given up on a year ago after some poor performance," Cramer said.

The analyst at Piper Sandler, Brian Mullen, published his report after the market's close on Tuesday. At first, he expressed worry that the pizza chain was suffering now that customers could order easy delivery from its mom-and-pop competitors using third-party apps like DoorDash. However, Mullen concluded by saying that these issues plague the pizza industry as a whole, and that Domino's, in fact, is one of the strongest players in the game, managing to keep a solid customer base while at the same time abstaining from these third-party services.

The analyst at Stifel, Chris O'Cull, upgraded Domino's from hold to buy, arguing the company will "stabilize delivery sales and continue growing carryout sales to new record levels." O'Cull also argued that better sales, lower commodity costs and higher labor productivity will boost profitability.

Cramer has been a longtime proponent of the pizza franchise, and he thinks Domino's sales can drastically improve if it is able to take the reins as an industry leader with its digital-ordering platform, currently responsible for 80% of its orders.

"While the next earnings report likely won't be anything special — in other words, don't buy it for the next quarter— after these two terrific notes, I'm feeling like Domino's stock must be bottoming, right?" Cramer said. "Leave some room to buy more if it gets hit after the next earnings report, though, because it probably will not be that good a quarter."

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