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 (NASDAQ:RFMD) 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.

Interested in more info on RF Micro Devices? Add it to your watchlist by clicking here.

Fool contributor Evan Niu, CFA, owns shares of Apple. The Motley Fool recommends Apple. The Motley Fool owns shares of Apple. Try any of our Foolish newsletter services free for 30 days. 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 has a disclosure policy.