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 Deckers Outdoor (NYSE:DECK) climbed 11% today after Sterne Agee upgraded the footwear specialist from neutral to buy.

So what: Along with the upgrade, Stern Agee planted a price target of $65 on the stock, representing a whopping 70% worth of upside to Friday's close. Deckers shares have been battered over the past year on weak sales and spiking sheepskin costs for its Ugg boots, but the Wall Street analyst cited improved offerings as a potent catalyst for a turnaround.

Now what: Don't let today's pop prevent you from looking into Deckers. While Sterne Agee admitted that Deckers' sales and margins will remain under pressure in the short term, steadily improving brand positioning will likely lead to significant margin recovery in the second half of 2013. When you couple that improved outlook with its still-paltry price multiples and rock-solid balance sheet, Deckers seems like a particularly solid bargain opportunity.

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

Fool contributor Brian Pacampara has no positions in the stocks mentioned above. The Motley Fool has no positions in the stocks mentioned above. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.