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 Silicon Graphics (NASDAQ:SGI) have skyrocketed today by as much as 11% after receiving an analyst upgrade.

So what: Sterne Agee boosted its rating on the stock from hold to buy while assigning a price target of $19. That's over 50% upside from even today's high. Analyst Alex Kurtz said the next 12 months should see upside from efficiency gains in operations and gross margin.

Now what: Kurtz expects the company to beat consensus estimates for the foreseeable future thanks to growth in big-data trends and near-term catalysts. Silicon Graphics may also be able to exercise leverage during the next year for additional gains. Earlier this week, the company said it would release second-quarter results on Jan. 30, so shareholders won't have to wait long to hear how the business is performing.

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Fool contributor Evan Niu, CFA, has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. 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.