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 Hewlett-Packard Company (NYSE:HPQ) climbed more than 2% today after J.P. Morgan upgraded the IT services specialist from neutral to overweight.

So what: Along with the upgrade, analyst Mark Moskowit boosted his price target to $35 (from $30), representing 30% worth of upside to yesterday's close. While value investors might be turned off by Hewlett-Packard's strong share-price action in 2013, Moskowit believes there's plenty of room to run given his view of continued PC stabilization and further free cash flow improvement.

Now what: J.P. Morgan expects HP to generate about $6 billion-$6.5 billion in 2014 free cash flow, but also said that $8 billion is a strong upside possibility. "While our revised 2014 PC growth forecast is not suggesting a major recovery in the making, we believe the potential of market conditions stabilizing after a year of meaningful deterioration could be enough of a catalyst to revive investor interest in PC-related stocks such as HP," noted J.P. Morgan. With Hewlett-Packard shares trading at a cheapish price-to-cash flow 4, betting on that bullishness might not be a bad idea. 

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.