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 Exelon (NASDAQ:EXC) climbed 4% today after Credit Suisse upgraded the utilities company from neutral to outperform.

So what: Along with the upgrade, analyst Dan Eggers boosted his price target to $35 (from $23), representing about 12% worth of upside to yesterday's close. So while contrarians might be turned off by the stock's rebound in recent months, Eggers' call suggests that a good chunk of Exelon's turnaround potential still isn't baked into the valuation. 

Now what: According to Credit Suisse, Exelon's risk/reward trade-off is rather attractive at this point. "We believe expectations and fundamentals for competitive power have found a bottom, with the potential for a long awaited recovery to take form over the next 12 months," said Eggers. "We are upgrading EXC to Outperform with a $35 target price and 4.1% dividend yield, offering 16.7% total return potential with leverage to a number of business/market drivers." When you couple those solid return prospects with the stable nature of Exelon's business model, it's tough to disagree with Credit Suisse's bullishness. 

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.