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 Angie's List (NASDAQ:ANGI) jumped 13% Friday following an analyst upgrade.

So what: Citing upbeat commentary from Angie's List CEO William Oesterle at the Bank of America Merrill Lynch 2014 Global Technology Conference, Bank of America analyst Paul Bieber upgraded shares of the business reviews site from neutral to buy. Bieber also noted Angie's List is enjoying a positive reception to its new tiered pricing structure, and reiterated his existing $16 price target.

Now what: Even after today's pop, shares are still down around 25% year to date and currently trade at a rich 44 times next year's expected earnings. But that's not entirely uncommon for a company that is still focusing on top-line growth as it shuffles for market share at the expense of profits.

For perspective, I opted to watch Angie's List from the sidelines when its fourth-quarter results and forward guidance disappointed the market in February. And I'll admit it's certainly more interesting now at today's lower price point. But personally -- and keeping in mind Oesterle also sounded plenty optimistic back then -- I still prefer not diving in until I get a better feel for Angie's List's long-term sustainability.