Shares of Savers Value Village, Inc. (SVV) surged 8.83% in pre-market trading on Friday, following the company's better-than-expected first-quarter earnings report and a price target raise from Piper Sandler.

The thrift store operator reported adjusted earnings of 2 cents per share for the quarter ended March 31, beating analyst expectations of breakeven results. Revenue rose 4.5% to $370.15 million, surpassing the consensus estimate of $366.20 million. The company's U.S. business showed particular strength, with net sales increasing 9.4% to $211 million and comparable store sales growth of 4.2%.

Adding to the positive sentiment, Piper Sandler raised its price target on Savers Value Village to $11 from $10, while maintaining a Neutral rating on the shares. The upgrade came after the firm's analysis of the company's very strong first-quarter results. Investors seem encouraged by the company's performance and growth prospects, as evidenced by the significant pre-market stock movement.