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 GT Advanced Technologies (Nasdaq: GTAT) advanced higher today by as much as 13% after an analyst upgraded the stock along with offering some bullish comments.

So what: Canaccord Genuity analyst Jonathan Dorsheimer boosted the firm's rating on GT Advanced Technologies to "buy" along with a $9 price target, representing nearly 30% additional upside from even today's high. Dorsheimer cited potential applications for the company's materials in smartphones, which is one of the hottest growth sectors in technology today.

Now what: GT Advanced Technologies currently produces specialty materials for solar and LED companies, and the analyst believes that its sapphire material could potentially be used as for a device's casing. Even if the company were to share design wins it would still be a boon for its business as a new revenue stream. Smartphones and tablets are the biggest growth stories in computing, and any potential exposure to those sectors are certainly cause for optimism.

Interested in more info on GT Advanced Technologies? Add it to your watchlist by clicking here.

Fool contributor Evan Niu holds no position in any company mentioned. Click here to see his holdings and a short bio. The Motley Fool has a disclosure policy. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. Try any of our Foolish newsletter services free for 30 days.