Analyst Upgrades: NVIDIA Corporation, Allergan plc, and Shake Shack Inc

Analysts are weighing in on circuit developer NVIDIA Corporation (NASDAQ:NVDA), biotech stock Allergan plc Ordinary Shares (NYSE:AGN), and burger joint Shake Shack Inc (NYSE:SHAK). Here's a quick roundup of today's bullish brokerage notes on NVDA, AGN, and SHAK.

• NVDA is set to open more than 9% higher this morning -- and at eight-year highs -- after the company's first-quarter earnings results and current-quarter forecast topped Wall Street's estimates. A series of bullish analyst notes have ensued, led by Topeka Capital's upgrade to "buy" from "hold," as well as its price-target hike to $44. At least 10 other price-target increases have also come through, as analysts foresee more gains from a stock already up 67% in the past 12 months, closing Thursday at $35.57. Suffice it to say, a gap higher at the open could send unhedged short sellers running for the exits, potentially adding to the buying power. 

• AGN is pointed 3% higher pre-market, after Goldman Sachs added the stock to its coveted "Conviction Buy" list. This is a curious move, considering the stock's nearly 31% year-to-date loss at $216.02 -- even after the drugmaker reported upbeat earnings and announced a $10 billion buyback plan earlier this week. More understandable is an $18 price-target cut to $232 at Mizuho Securities. Regardless, options traders will probably welcome a swing higher by Allergan plc Ordinary Shares, considering the accelerated rate of call buying in recent months. Specifically, across the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), options traders have bought to open 1.67 AGN calls for every put -- a ratio that outstrips two-thirds of all others from the past year.

• SHAK blew past first-quarter earnings estimates and lifted its full-year same-store sales forecast, prompting a round of bullish analyst attention. Specifically, SunTrust Robinson lifted its price target to $45 from $40, saying the restaurant chain is "hitting on all cylinders." As such, Shake Shack Inc has gained 7.1% in electronic trading after settling yesterday at $34.26 -- down 13.5% in 2016. A gap higher at the open could crush quite a few short sellers. After all, over 28% of the stock's float is sold short, and would take seven days to cover, at SHAK's average trading levels.

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