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 Powell Industries, (NASDAQ:POWL) jumped as much as 16% today after being upgraded by an analyst.

So what: Stifel Nicolaus upgraded Powell to a buy rating, and increased its price target to $70 per share. This comes just two days after the company announced fiscal first -uarter earnings net income of $8.3 million, or $0.68 per share. 

Now what: In the earnings release earlier this week, management increased earnings guidance to between $2.85 and $3.35 per share. I'd read more into that than an analyst upgrade, which can often boost a stock short term while having little to no impact long term. Even the $70 price target doesn't leave a ton of upside for investors today, so if you're looking to get in, I'd let the day's pop wear off, and look at shares in a week or two.