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 regional savings and loan operator Flagstar Bancorp (NYSE: FBC) have been rising gently all day, reaching gains of 11.4% as of this writing on about twice the stock's average trading volume.

So what: The company reported earnings on Tuesday night and promptly fell as much as 8.6% on Wednesday. This comeback was fueled by an analyst upgrade filed early this morning and setting a $2 price target.

Now what: FBR Capital thinks that Flagstar deserves credit for inching closer to bottom-line profitability, and the $2 target is based on the assumption that Flagstar will pay off its Troubled Asset Relief Program loans in cash at some point. Even so, FBR sees Flagstar as a risky investment and a buying opportunity only for "the appropriate investor." Fellow Fool Matt Koppenheffer landed on the "too risky" side of that argument a couple of months ago, and I tend to agree -- capital-poor banks are scary, and FBR has been very wrong on Flagstar before.

Interested in more info on Flagstar Bancorp? Add it to your watchlist.

Fool contributor Anders Bylund holds no position in any of the companies discussed here. 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 is investors writing for investors.