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 paint and coatings specialist Valspar (NYSE: VAL) climbed 10% on Tuesday after its quarterly results and full-year guidance topped Wall Street expectations.

So what: Valspar's fourth-quarter beat was so wide -- adjusted EPS of $0.84 thumped the consensus of $0.70 -- that analysts have no choice but to raise their short-term price targets. 2011 also marked the 33rd consecutive year in which the company raised its dividend, suggesting that it remains a stable long-term income opportunity, as well. 

Now what: Management now sees 2012 adjusted earnings of $2.87-$3.07, which is also well above the average analyst estimate of $2.81. "While the outlook for the global economy is unclear, our sales will benefit from our diverse mix of businesses and growth in fast-growing coatings markets in Asia and Latin America," CEO Gary Hendrickson said. More importantly, with Valspar trading at a slight forward P/E discount (using the midpoint of its 2012 guidance) to rivals RPM International (NYSE: RPM) and Sherwin-Williams (NYSE: SHW), there's still time to buy into that optimism.

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