Warrior Met Coal LLC (HCC) shares surged 11.70% in early trading on Thursday, building on the previous day's impressive 13.52% gain. The continued upward momentum comes after the metallurgical coal producer reported stronger-than-expected third-quarter earnings, raised its production guidance, and received multiple target price upgrades from analysts.

The company's Q3 performance significantly exceeded analyst expectations, with a reported net income of $36.6 million, or $0.70 per diluted share, compared to the estimated loss of $0.33 per share. Revenue reached $328.589 million, surpassing the forecast of $304.334 million. Warrior Met Coal attributed these strong results to a 27% increase in total sales volumes and a 17% rise in total production volumes year-over-year.

Adding to the positive sentiment, Warrior Met Coal announced the early commencement of longwall operations at its Blue Creek mine, which began eight months ahead of schedule. This operational success led the company to raise its full-year production volume guidance by 10%. In response to these developments, several analysts have raised their target prices for Warrior Met Coal, including UBS (to $75 from $68), Jefferies (to $85 from $80), BMO Capital Markets (to $72 from $65), and B. Riley (to $100 from $83). The multiple upgrades reflect increased confidence in the company's growth prospects and have further fueled investor optimism, contributing to the stock's significant rally.