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: Graphics chip maker NVIDIA (Nasdaq: NVDA) rose 10% today after the company was upgraded by an analyst.

So what: Wells Fargo (NYSE: WFC) analyst David Wong changed his rating on NVIDIA to outperform from market perform. He sees the company's significant risks priced into the stock and thinks the upside potential is attractive at the stock's current price.

Now what: We Fools don't like to take analyst ratings too seriously, but Wong may actually have a point here. NVIDIA has a P/E ratio of just under 15 -- even after today's pop -- and the business is growing on the back of tablet and smartphone sales. If Tegra can be a blockbuster, NVIDIA may be a home run for investors.

Interested in more info on NVIDIA? Add it to your watchlist.