Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of retailer Pier 1 Imports (NYSE: PIR) rallied more than 10% on some positive commentary from a Wall Street analyst.

So what: Pier 1's current fiscal 2011 price-to-earnings multiple of 12 suggests that investors aren't overly bullish on the stock and probably don't buy into the 12.5% growth that Wall Street is expecting over the next five years. However, the optimistic comments from Oppenheimer analyst Brian Nagel -- who reiterated his outperform rating on expectations of a sales rebound -- appear to have investors reconsidering their position.

Now what: I recently put out a list of retailers such as Jo-Ann Stores (NYSE: JAS) and Dress Barn (Nasdaq: DBRN) that I thought could end up on the radars of private equity companies. I actually toyed with the idea of including Pier 1 on that list, as well. The company is just coming out of a disastrous period in which investors saw significant value go up in smoke, but the bottom line is definitely looking better, and the company has a very solid balance sheet. It's generally a bad idea to buy a stock simply because a Wall Street analyst recommends it, but this could be a good excuse for investors to take another look at Pier 1 shares.

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