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 promotional company InnerWorkings (NASDAQ:INWK) jumped 12% today after being upgraded by an analyst.
So what: Analysts at Craig-Hallum upgraded the stock to a "buy" rating and put a price target of $10 on the stock. That represents about a 25% upside given today's stock price.
Now what: Analyst upgrades and downgrades can often have short-term impacts on stocks, but the pop or drop usually fades over a week or two. In fact, Wall Street analysts have a poor record against the market and don't even have much incentive to get their calls right, as this article points out. I wouldn't change your investment thesis today, and unless you're looking for an opportunity, I wouldn't be a buyer or seller solely on today's news.