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 MercadoLibre, (NASDAQ:MELI) jumped more than 10% early Thursday, then settled to close up around 7% thanks to an upgrade from analysts at JPMorgan.

So what: Shares of the Latin American e-commerce specialist have traded relatively flat during the past few weeks since it reported mixed-quarterly results, with which it fell short on revenue, but easily beat analysts' expectations for earnings.

JPMorgan, for its part, upgraded MercadoLibre to overweight today -- while at the same time curiously lowering its per-share price target to $104 from $114. It cited both its solid forward earnings potential, and overblown worries of Venezuelan currency devaluation, the latter of which it believes is likely already priced into the stock.

Now what: Shares don't look terribly expensive at 28 times next year's estimated earnings, and I think that's a reasonable premium to pay as long as the budding e-commerce giant can maintain its earnings growth momentum going forward. For now, while I'll be keeping a close eye on MercadoLibre's progress, I still like the stock over the long term.

Steve Symington has no position in any stocks mentioned. The Motley Fool recommends MercadoLibre. The Motley Fool owns shares of JPMorgan Chase and MercadoLibre. 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.