Yelp's better-than-expected quarterly earnings results offer a bright future for the stock, Piper Jaffray senior analyst Gene Munster said Thursday.

The online-reviews company and social sharing site posted a narrower first-quarter loss and revenue was up 66 percent from the same period last year, with a 65 percent increase in business accounts.

"I think what's ironic about the valuation call here is that there's not a ton of historical support given that the stock has only been public since 2012," he said. "This is a company that can grow at 40 percent-plus for the next six years to 2020."

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On CNBC's "Halftime Report," Munster called out Yelp's 74,000 paid advertisers and the 1.5 million business pages on the site that have been claimed by business owners.

"If you figure they get half of those—so, 750,000—they can grow at 40 percent for the next several years," he said. "The takeaway is we're still very early in local, and Yelp has a great position."

Munster had an "overweight" rating on the stock and a price target of $80 per share.

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"It seems that this asset is worth something, so we're jumping on this opportunity in a pullback and looking at this as just a great story to own for the next several years," he added.

Disclosure: Piper Jaffray owns Yelp stock.

—By CNBC's Bruno J. Navarro.