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 DryShips (Nasdaq: DRYS) climbed 10% today after Wall Street analyst Goldman Sachs (NYSE: GS) upgraded the dry bulk shipper from neutral to buy.

So what: Along with the upgrade, Goldman raised its price target on DryShips to $6, representing a big 57% premium to yesterday's closing price. With the shares having been clobbered about 50% over the past six months, Goldman finds the current valuation just too cheap to ignore and sees "positive risk/reward ahead of the upcoming listing" of its ocean rig unit in the U.S.

Now what: If you believe Goldman's sum-of-the-parts analysis, there should be plenty of upside left in DryShips' shares. Of course, given that dry bulk shippers, as a whole, continue to face a significant glut of new ships, DryShips bulls shouldn't expect a smooth ride up to intrinsic value. In fact, Goldman downgraded Diana Shipping (NYSE: DSX) on significant oversupply issues, suggesting that the short term will likely be a very bumpy one. 

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

Fool contributor Brian Pacampara owns no position in any of the companies 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 Fool's disclosure policy always gets a perfect score.