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

What: Shares of Sprint (NYSE:S) rallied 5% this morning after Macquarie upgraded the telecom company from neutral to outperform.

So what: Along with the upgrade, analyst Kevin Smithen raised his price target to $7.50 (from $7.00), representing 24% worth of upside to yesterday's close. Sprint shares have slumped in recent months on worries over weakness in the second half of the year, but Smithen thinks that it provides investors with a bargain opportunity, given the company's long-term prospects.

Now what: Macquarie expects Sprint's news flow and postpaid subscription trends to steadily improve over the next several quarters. "At the end of the day, we believe that spectrum quantity wins and in Son-San's vision and track record of execution," noted Macquarie. "Now that the market has a more realistic view of the timing and costs of Network Vision as well as the sub and EBITDA ramp for S, we think the stock has been significantly de-risked since the closing of the SoftBank deal." So, while Sprint's situation is still too uncertain for conservative investors, those with a higher risk tolerance might want to look into the turnaround opportunity. 

Fool contributor 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.