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 OmniVision Technologies (Nasdaq: OVTI), whose image sensors are used in the iPhone, climbed 10% today after Wall Street analyst Canaccord Genuity upgraded the stock from hold to buy.

So what: Along with the upgrade, Canaccord raised its price target on the stock to $38 per share, representing about 24% worth of upside to yesterday's closing price. Canaccord's bullish outlook reflects channel checks that suggest healthy near-term orders, as well the generally favorable health of Apple's (Nasdaq: AAPL) component suppliers.

Now what: Don't let today's pop keep you from looking into OmniVision. As Canaccord writes, "Momentum persists for Apple's component suppliers, with healthy orders delivered to assembly and test houses for the third-quarter." It's usually best to sidestep analyst-fueled price rallies, but with the stock still trading at a reasonable forward P/E of 11, buying into OmniVision's stock and operating momentum seems like a decent move.

Interested in more info on OmniVision? Add it to your watchlist.

Fool contributor Brian Pacampara owns no position in any of the companies mentioned. Motley Fool newsletter services have recommended buying shares of and creating a bull call spread position in Apple. The Motley Fool owns shares of Apple. Try any of our Foolish newsletter services free for 30 days.

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