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 Modine Manufacturing (NYSE:MOD) jumped 10% today after the company received an analyst upgrade.

So what: Robert W. Baird upgraded Modine from neutral to outperform and put a $13.80 price target on the stock. The analyst cited valuation for the upgrade; the stock trades at 20 times forward estimated.  

Now what: Analyst upgrades can often give shares a short-term pop, but in the long term they don't have any fundamental impact on the stock. If you're interested in buying Modine I'd wait for the bounce to fade in coming weeks. The P/E ratio is still high, and I'd like Modine to prove the ability to post growing earnings before jumping in.

Travis Hoium has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.