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 information technology outsourcing expert Syntel (Nasdaq: SYNT) jumped as much as 10% today in intraday trading as investors reacted to an upgrade from Deutsche Bank.

So what: Deutsche lifted the stock from hold to buy and boosted its target price for the stock from $50 to $57. In its report, Deutsche noted that Syntel is trading at an attractive valuation relative to its peers -- a group that includes high-multiple competitors such as Cognizant Technology (Nasdaq: CTSH) and Infosys (Nasdaq: INFY) -- and that current 2011 growth estimates from the rest of Wall Street may be too conservative.

Now what: Unfortunately, today's big move squeezed much of the remaining juice that Deutsche was highlighting. However, the bank's bullish appraisal of Syntel could be a good reason for growth-oriented investors to put this one on their radar in case the stock takes a dip down the road.

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Fool contributor Matt Koppenheffer does not own shares of any of the companies mentioned. You can check out what Matt is keeping an eye on by visiting his CAPS portfolio, or you can follow Matt on Twitter @KoppTheFool or on his RSS feed. The Fool's disclosure policy prefers dividends over a sharp stick in the eye.