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 memory-based storage expert SMART Modular Technologies (Nasdaq: SMOD) took a flying leap overnight, soaring as much as 11.3% above last night's closing price.

So what: The pop came from an analyst upgrade as Wedbush Morgan moved SMART up from a hold to a buy. Encouraged by a more diverse business model and an end to collapsing DRAM prices, Wedbush set its one-year price target as high as $8 per share.

Now what: This upgrade follows a slew of similarly motivated upgrades of industry peer Micron Technologies (Nasdaq: MU) last week. All these bullish notes add up to a sectorwide turnaround story for the second time in the past three years. However, SMART itself just happens to be the actual canary in the coal mine from my point of view -- I think Wedbush and the other bulls are making a risky call here.

Interested in more info on SMART Modular Technologies? Add it to your watchlist.

Fool contributor Anders Bylund holds no position in any of the companies discussed here. 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 is investors writing for investors.