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 Chinese online-gaming specialist Shanda Games (Nasdaq: GAME) climbed 12% on Thursday after a Wall Street analyst upgraded the stock to a buy.

So what: Along with the upgrade, Deutsche Bank offered a price target of $6.41 on the shares, representing about 30% worth of upside to its Wednesday close. Shanda has been beaten down on worries that it just doesn't have enough brand power in the pipeline, but with legacy games Mir 2 and Woool continuing to deliver strong results, Deutsche believes those concerns are way overblown.

Now what: Shanda might be worth keeping an eye on. Shanda's fight to regain the market share it lost to Tencent Holdings and NetEase (Nasdaq: NTES) will certainly be a tough one, but with a P/E below 7 and some operating momentum on its side, the stock seems worth the risk. Of course, given its status as a Chinese penny stock, expect plenty of volatility along the away.

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