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 telecom software and services provider AsiaInfo-Linkage (Nasdaq: ASIA) were getting clobbered by investors today, falling as much as 19% in intraday trading after a Wall Street downgrade.

So what: Susquehanna downgraded AsiaInfo-Linkage shares to "neutral" from "positive." That doesn't sound all that terrible, right? Along with the downgrade, though, Susquehanna also slashed its target price for the stock from $23 to $11, citing slowing industry growth and expectations that it thinks are too optimistic.

On Friday, AsiaInfo-Linkage shares closed at $11.20, so Susquehanna's call basically suggested that, instead of having the potential to double, shares were fairly priced. That's a pretty drastic change, so it's no wonder investors are going bananas today.

Now what: Consensus estimates currently have the company earning $1.62 for all of 2011. With a now-current stock price of roughly $9, that could make the stock a bargain in some investors' eyes. AsiaInfo-Linkage bulls should definitely take Susquehanna's warning as a good reason to take a closer look at the company's numbers and make sure growth estimates make sense. However, I'd also caution against knee-jerk reactions to the view of a single Wall Street analyst.

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Fool contributor Matt Koppenheffer does not have a financial interest in 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 Facebook. The Fool’s disclosure policy prefers dividends over a sharp stick in the eye.