Notable Analyst Upgrades: Workday (NYSE:WDAY), China Petroleum & Chemical (NYSE:SNP), Teekay (NYSE:TK), Cara Therapeutics (NASDAQ:CARA), J.C. Penney Company, Inc. (NYSE:JCP)

Shares of Workday (NYSE:WDAY), which provides cloud-based applications for financial management and human resources, have advanced 15% to a record high of $116.47 Thursday after the company reported better-than-expected revenue a day earlier. WDAY said that Q4 revenue rose 74% in the latest quarter to $141.9 million, beating Street estimates of $138 million.

In addition, the company has acquired Identified, a developer of HR analytics software, for an undisclosed amount. Finally, the company was handed a rash of upgrades/price target increases, including FBN Securities (raised PT to $110 from $85), FBR Capital (upgraded to Outperform, PT raised 79% to $150) and reiterated as Equal Weight by Morgan Stanley. Shares of WDAY last traded at $114.45 with a new 52-week range of $54.19 to $116.47.

China Petroleum & Chemical (NYSE:SNP) shares were up about 6% in Thursday trade after the company’s stock was reiterated on the conviction list at Goldman Sachs. SNP tapped a session high of $90.00, closing in on the top of its 52-week range of $64.76 to $90.88.

Credit Suisse raised its rating on Teekay (NYSE:TK) to Outperform from Neutral. Credit Suisse also lifted its price target on the shares to $80 from $56. In afternoon trading, the maritime oil & gas shipper was up 5.81% to $59.00. Shares hit a new 52-week high of $59.08.

Cara Therapeutics (NASDAQ:CARA) is up 16% and touched an all-time high of $18.31 after the stock was initiated with a Buy rating and $22 price target from Needham & Co. On Wednesday, the stock was initiated by Janney Capital Markets with a Buy rating, and Stifel Nicolaus set a $21 price target. Shares of CARA last traded at $17.81, with a new post-IPO range of $10.40 to $18.31. CARA is a clinical-stage biopharmaceutical company.

Shares of J.C. Penney Company, Inc. (NYSE:JCP) were up 23% in midday trade Thursday, after the company beat with Q4 results issued late Wednesday. The stock last changed hands at $7.36 with 69.3 million shares changing hands, more than double the three-month daily average of 29.6 million. JCP reported earnings per share losses of $0.68 for the quarter, compared to analyst forecasts of losses of $0.76 per share.

The retailer also reported Q4 net income of $35 million, or $0.11 per share, compared with a loss of $552 million, or $2.51 per share the previous year. In issuing guidance for the year, the company also said it expects a 3% to 5% increase in comparable store sales. It also forecasts improved gross margins, as well as more than $2 billion in liquidity by the end of 2014 with $250 million in capital expenditures.

Responding to earnings, Wells Fargo raised its rating on the stock to Market Perform from Underperform. Despite the stock price surge, shares of JCP still trade in the low end of their 52-week range of $4.90 – $21.76.