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 DryShips (Nasdaq: DRYS) climbed 10% today after Wall Street analyst Goldman Sachs (NYSE: GS) upgraded the dry bulk shipper from neutral to buy.

So what: Along with the upgrade, Goldman raised its price target on DryShips to $6, representing a big 57% premium to yesterday's closing price. With the shares having been clobbered about 50% over the past six months, Goldman finds the current valuation just too cheap to ignore and sees "positive risk/reward ahead of the upcoming listing" of its ocean rig unit in the U.S.

Now what: If you believe Goldman's sum-of-the-parts analysis, there should be plenty of upside left in DryShips' shares. Of course, given that dry bulk shippers, as a whole, continue to face a significant glut of new ships, DryShips bulls shouldn't expect a smooth ride up to intrinsic value. In fact, Goldman downgraded Diana Shipping (NYSE: DSX) on significant oversupply issues, suggesting that the short term will likely be a very bumpy one. 

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