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 Sprint  (NYSE:S) climbed 2% this morning after Deutsche Bank upgraded the telecom giant from hold to buy.

So what: Along with the upgrade, analyst Brett Feldman reiterated his price target of $9.25, representing about 17% worth of upside to yesterday's close. While momentum traders might be turned off by the stock's steady year-to-date decline, Feldman believes Sprint is too cheap to pass up given its still-significant competitive edge and solid growth prospects.

Now what: According to Deutsche, Sprint's risk/reward trade-off is rather attractive at this point. "[O]ur upgrade to Buy reflects the recent pullback in the stock and is based on the same 2 key themes we outlined last July: (1) a significant spectrum advantage and (2) an outlook for material EBITDA growth during the next 2 years," noted Feldman. "We are not factoring in any M&A, NOL value or significant share gains. Rather, we continue to model substantial sub losses in 1H14 followed by a return to modest growth once Network Vision is complete." So while Sprint is still too speculative for conservative investors, that upbeat view, coupled with the stock's still-beaten down price (off about 25% from its December highs), might make it an interesting pick for tech-savvy contrarians.

Brian Pacampara has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. 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.