Updated from 11:41 a.m. EST

Shares of

Whole Foods

( WFMI) were soaring Thursday after the company's better-than-expected earnings report and profit outlook a day ago were followed by upgrades from two analysts.

Pali Capital analyst Bob Summers upgraded Whole Foods from sell to buy, citing the company's cost-cutting measures and cash-flow prospects, and he raised his price target to $15 from $8. Also, an analyst at Jeffries upgraded the stock from hold to buy with a $13 price target.

Whole Foods shares were up $37.7% to $12.79 in recent trading. Just two hours into the session, volume was already three times the average for a full day.

Elsewhere in the supermarket and grocery space:

Safeway rose 2% to $20.45.

Kroger was up 1.6% to $22.06.

Winn-Dixie Stores ( WINN) was up 2.3% to $8.98.

Great Atlantic & Pacific Tea Co. ( GAP) was up 1.9% to $5.25.

Supervalu was up 0.5% to $17.80.

Wal-Mart rose 1% to $50.48.

Costco was up 1.4% to $42.96.

BJ's Wholesale Club rose 1.7% to $28.60.