While Fools should generally take the opinion of Wall Street with a grain of salt, it's not a bad idea to take a closer look at particularly stock-shaking upgrades and downgrades -- just in case their reasoning behind the call makes sense.

What: Shares of Google (NASDAQ:GOOGL) gained slightly this morning after Nomura Securities initiated coverage on the Internet search giant with a buy rating.

So what: Along with the buy rating, analyst Anthony DiClemente planted a price target of $1,300 on the stock, representing 13% worth of upside to yesterday's close. While value investors might be turned off by Google's strong share price over the past year, DiClemente believes there's more room to run given the strong operating momentum still working in its favor.

Now what: Nomura expects Google to post full-year EPS of $44.15 in 2013 and $53.68 in 2014.

"We believe that there are three key reasons to own Google: 1) Google's Android operating system is winning the mobile platform war, providing Google with a superior business model across services; 2) Google's monetization of the local ad market represents a material forward driver; and 3) growth in Google's media assets (Google Play, YouTube, Chromecast, and Google Fiber) bode well for media content-related revenue streams," noted DiClemente.

More importantly, with Google still trading at a forward P/E in the low 20s, there certainly seems like enough room to buy into those trends.

A more compelling pick for 2014?
There's a huge difference between a good stock, and a stock that can make you rich. The Motley Fool's chief investment officer has selected his No. 1 stock for 2014, and it's one of those stocks that could make you rich. You can find out which stock it is in the special free report: "The Motley Fool's Top Stock for 2014." Just click here to access the report and find out the name of this under-the-radar company.

Fool contributor Brian Pacampara has no position in any stocks mentioned. The Motley Fool recommends and owns shares of Google. 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.