Analyst Upgrades: Ctrip.com, Shake Shack, JCPenney

Analysts are weighing in on discount travel service Ctrip.com International, Ltd. (ADR) (NASDAQ:CTRP), burger giant Shake Shack Inc (NYSE:SHAK), and retailer J C Penney Company Inc (NYSE:JCP). Here's a quick roundup of today's bullish brokerage notes on CTRP, SHAK, and JCP.

• CTRP is up 13.3% out of the gate -- and already hit a record high of $75.68 -- after the firm's stronger-than-forecast first-quarter earnings was met with a round of upbeat analyst attention. Specifically, Oppenheimer boosted its outlook to "outperform" from "perform," Stifel raised the stock to "buy" from "hold," and Brean Capital increased its price target to $96 from $70. Today's projected price move just echoes the equity's longer-term technical strength, with Ctrip.com International, Ltd. up nearly 63% year-to-date to trade at $74.08. Option traders, meanwhile, have been initiating long puts over calls at a faster-than-usual clip in recent months. At the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), CTRP's 50-day put/call volume ratio of 0.83 rests just 5 percentage points from a 52-week peak.

• SHAK unveiled standout first-quarter results and upwardly revised its full-year revenue forecast -- sending the shares up 9.5% in early trading. Adding to the buzz is a price-target hike to $60 from $40 at Jefferies, which cited Shake Shack Inc's "supercharged growth." On the charts, the stock has put in a strong performance since going public in late January, tacking on more than 59%. However, there is plenty of skepticism surrounding the stock. Short interest accounts for almost 41% of the equity's float, and all six analysts covering SHAK maintain a tepid "hold" recommendation. Plus, the average 12-month price target of $37 sits well below the equity's current perch at $74.86. Should the shares maintain their upward momentum, a round of short-covering and/or some additional bullish brokerage notes could translate into tailwinds for SHAK.

• UBS upped its price target on JCP to $7 from $5, after the company posted a narrower-than-expected first-quarter loss and raised its annual gross margin goal. Unfortunately for Wednesday's batch of option bulls, the shares do not appear ready to capitalize, and are down more than 5% at $8.27. Heading into today's session, the stock was gaining ground on the charts, up more than 34% year-to-date. Short sellers have maintained their grip, though, and have shorted 32% of JCP's total available float. Elsewhere on the fundamental front, J C Penney Company Inc will host its annual shareholder meeting tomorrow.