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 Silicon Graphics (NASDAQ:SGI) have skyrocketed today by as much as 11% after receiving an analyst upgrade.
So what: Sterne Agee boosted its rating on the stock from hold to buy while assigning a price target of $19. That's over 50% upside from even today's high. Analyst Alex Kurtz said the next 12 months should see upside from efficiency gains in operations and gross margin.
Now what: Kurtz expects the company to beat consensus estimates for the foreseeable future thanks to growth in big-data trends and near-term catalysts. Silicon Graphics may also be able to exercise leverage during the next year for additional gains. Earlier this week, the company said it would release second-quarter results on Jan. 30, so shareholders won't have to wait long to hear how the business is performing.
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