Could J.C. Penney be the ultimate comeback kid?

After soaring on earnings last week, J.C. Penney's stock has risen almost 60 percent in the last three months and is hovering just under $10 per share. Not bad for a stock that hasn't seen double digits in six months.

The company, which is focusing on revamping its image, saw its second- consecutive quarter of same-store sales growth, after nine straight quarters of decline.

CEO Myron Ullman also announced a new credit facility of $2.35 billion, replacing the company's existing bank line.

(Read: Cramer: JC Penney becoming viable 'turnaround story'?)

Is this true turnaround story or a dead cat bounce?

Rich Ross of Auerbach Grayson thinks the sky is the limit for J.C. Penney.

"I think the table is set for the stock to break above [$10 per share]," he said.

But he doesn't stop there. Ross said the stock could more than double in coming months. "Not a lot is stopping the stock from retesting that prior support, which should now be resistance up around $20."

Pretty bold statement on one of Wall Street's most hated stocks.

(Watch: Good & bad for JC Penney)

But not everybody is so enthusiastic about the recent rally. Gina Sanchez of Chantico Global is doing what many Penney customers do when they visit the store: browse, not buy.

"I'm going to temper some of that optimism with a little bit of caution," she said. "Even though they are still gaining traction and doing the things they need to do, they are still sort of far away from making a profit, and they are leveraging themselves in the process."

Her advice: Proceed with caution. "Despite a nice quarter, buying in now would be chasing the crowd in uncertain macro market conditions."

Check out the above video to see more comments from Ross and Sanchez.

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