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 optical component vendor Finisar (NASDAQ:FNSR) popped 10% today after Wall Street firm Lazard upgraded the stock from "neutral" to "buy."

So what: Along with the upgrade, Lazard planted a $17 price target on the stock, representing 35% worth of upside to yesterday's close. The stock has been beaten down over the past few months on competitive concerns and a weak earnings report, but Lazard thinks the risk/reward trade-off at this point is too tasty to pass up.

Now what: Fools know to take Wall Street opinions with a grain of salt, but the stock seems worth looking into. While the steadily growing adoption of Intel's silicon photonics solution is certainly cause for concern, Finisar's rock-solid balance sheet of roughly $225 million in net cash should give management some flexibility in dealing with the threat. More importantly, with the stock still off about 30% from its 52-week highs and trading at a forward P/E of 14, the downside already seems limited.

Interested in more info Finisar? Add it to your watchlist.

Fool contributor Brian Pacampara has no position in any stocks mentioned. The Motley Fool recommends Intel. The Motley Fool owns shares of Intel. 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.