A week ahead of The Panty Inc.’s scheduled quarterly earnings report, Analyst Mark Miller of William Blair & Co. increased his rating of the company, sending shares skyrocketing. 

Shares of The Pantry rose Thursday from $1.12 to $16.45 -the highest level since October and a 31% increase this month after Miller raised his rating of the Cary-based convenience store chain from “market perform” to outperform,”  the News and Observer reported.

As the economy recovers in the next 12-18 months, The Pantry, which owns more than 1,600 stores in 11 states, is in a good position to benefit, Miller wrote in a report to investors, adding that it also could become an acquisition target.

The Pantry, which operates stores mostly under the Kangaroo brand, is scheduled to report quarterly earnings on Tuesday.