If you right click on a Windows shortcut and click Properties, you may find that the shortcut’s Target property is greyed out. The target property of a shortcut is greyed out if the shortcut is to an advertised program, rather than an actual program file.
When a shortcut is a link to an advertised program, it doesn’t link to a file; instead it links to Windows registry settings. The shortcut then has it’s properties (in the actual binary file of the shortcut) set to grey out the target and replace it with a program name instead. I suppose, given this information, you could probably find out what the shortcut links to if you opened the shortcut up with a HEX editor and did some research into the binary file format of a shortcut. Otherwise, you could just find out the location of the program being advertised through the software advertising it or by opening the application installer for the program in a packaging software, such as Symantec Wise Packager or installing it on an App-V Sequencer and seeing where the files are placed.