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What: Shares of materials company Allegheny Technologies Incorporated (NYSE:ATI) popped as much as 11.1% today, hitting a high as I'm writing at 3:20 p.m. EDT.

So what: The move was driven by analysts at Deutsche Bank increasing their rating on the stock from hold to buy and upping their price target from $15 to $20 per share. The move comes after management began idling operations in Rowley, Utah, and consolidating certain titanium manufacturing in Albany, Oregon. 

The moves will result in $504 million in pre-tax charges but are expected to save $50 million in operating costs annually, starting next year, and will lower working capital by $50 million. So long-term, these changes could lead to higher margins and growing profits. That's what Deutsche Bank is betting on in its latest projection. 

Now what: These may be the right moves for Allegheny Technologies going forward, but the analysts are still making a lot of projections to be so bullish. The company has lost $491.5 million in the last four quarters alone, and it will take time to see fruit from the recent cost-cutting. I would be cautiously optimistic, but since the bounce is based on an analyst upgrade and nothing more concrete, I wouldn't be a buyer of the stock today.