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 analyst upgrades and downgrades -- just in case their reasoning behind the call makes sense.

What: Shares of Apple (NASDAQ:AAPL) rallied about 3% Wednesday after Canaccord Genuity reiterated its Buy rating on the consumer electronics gorilla.

So what: Along with the bullish call, analyst Michael Walkley planted a price target of $112 on the stock, representing about 18% worth of upside to Tuesday's close. So while contrarian traders might be attracted to Apple's price strength over the past year, Walkley's call could reflect a sense on Wall Street that its growth prospects still aren't fully baked into the valuation.

Now what: According to Canaccord, Apple's risk/reward trade-off remains rather attractive at this point. "With our recent surveys indicating growing consumer awareness and channel willingness to pay more for new larger-screen iPhones, we still anticipate a very strong iPhone 6 upgrade cycle," said Walkley. "Further, we believe Apple will charge a premium for these larger-screen iPhones resulting in stable gross margin trends for overall Apple but with a higher gross margin dollar contribution due to an increasing revenue mix from higher ASP iPhones." When you couple that upbeat outlook with Apple's still-reasonable forward P/E in the low-teens, it's tough to disagree with Canaccord's bullishness.

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Brian Pacampara has no position in any stocks mentioned. 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.