Food Empire Holdings (F03.SI) saw its stock soar 3.48% during intraday trading on Thursday, as investors responded positively to recent analyst reports. The company, which has already seen its stock price double year-to-date, continues to attract bullish sentiment from market analysts.

The surge in Food Empire's stock price comes on the heels of multiple analysts raising their target prices for the company. John Cheong of UOB Kay Hian is the latest to join this trend, increasing his target price for Food Empire from $1.98 to $2.40, citing a positive outlook for the company.

This bullish sentiment is not isolated. William Tng of CGS International recently raised his target price to $2.28 from $1.95, while Maybank Securities had earlier increased its target to $2 from $1.19. These consistent upward revisions in target prices across multiple financial institutions reflect growing confidence in Food Empire's future performance and potential, likely contributing to the stock's impressive intraday gains.