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 promotional company InnerWorkings (NASDAQ:INWK) jumped 12% today after being upgraded by an analyst.
So what: Analysts at Craig-Hallum upgraded the stock to a "buy" rating and put a price target of $10 on the stock. That represents about a 25% upside given today's stock price.
Now what: Analyst upgrades and downgrades can often have short-term impacts on stocks, but the pop or drop usually fades over a week or two. In fact, Wall Street analysts have a poor record against the market and don't even have much incentive to get their calls right, as this article points out. I wouldn't change your investment thesis today, and unless you're looking for an opportunity, I wouldn't be a buyer or seller solely on today's news.
Travis Hoium and The Motley Fool have no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools don't 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.