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 Himax Technologies, (HIMX -1.68%) jumped nearly 11% Monday as the display driver and chip solutions specialist enjoyed a positive analyst note.

So what: Citing both "new growth drivers entering the mix" and early channel checks indicating a solid first quarter, Northland Capital analyst Tom Sepenzis reiterated his "outperform" rating on Himax and raised his per share price target from $17.50 to $20. 

Now what: The upgrade isn't all that surprising considering in December, Northland named Himax its top pick for 2014 given its involvement in the burgeoning wearable technology space, including a role in powering Google Glass. The timing is also notable since Himax is set to attend Northland's 2014 Growth Conference in New York later this week, where it will host one-on-one meetings with interested investors.

But I have to agree: Shares may not look too cheap trading around 43 times last year's earnings, but they seem reasonably priced looking forward around 18 times next year's estimates. If Himax can continue growing its position and seize a meaningful chunk of the wearables market over the next few years, there could be little preventing the stock from rewarding patient investors from here.