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 Bebe Stores (NASDAQ:BEBE) were back in style today, gaining as much as 11% after receiving an upgrade from Janney Capital from Neutral to Buy.

So what: Janney said that it was bumping its rating on account of new management, better products, and improved inventory control. Bebe has been struggling of late as comparable sales spiraled down 7.2%, which was actually an improvement on the previous quarter's drop of 10.5%. In the fiscal year-to-date, overall revenue was down 8.6%.

Now what: Clothing retailers are notoriously trendy, and turnarounds are not easy to carry out. The details of Janney's upgrade were not provided, so it's unclear what exactly it sees in Bebe. Still, after such a miserable quarter, I'd wait for a stronger sign than an analyst upgrade before getting on board. Declining comps are always a bad sign, and analysts are projecting them through next quarter. You can keep an eye on the latest development with Bebe by adding it to your Watchlist here.  

Fool contributor Jeremy Bowman 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.