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 RF Micro Devices (UNKNOWN:RFMD.DL) have jumped by as much as 10% today following an analyst upgrade.

So what: Oppenheimer boosted its rating on the company from "perform" to "outperform" while assigning a price target of $7. Analyst Rick Schafer believes that current prices offer investors an attractive risk-to-reward trade-off, as the company has made much progress over the years diversifying its business away from Nokia.

Now what: The company used to rely on the Finnish smartphone maker for over half of sales, a figure that's now just 5%. Meanwhile, top-tier smartphone vendors like Apple and Samsung now comprise 30% to 40% of revenue, with other high-end customers contributing 5% each. Over the next year, RF Micro Devices may be able to gain content in high-end product launches, contributing to Oppenheimer's optimism.

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