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 Intel Corporation (NASDAQ:INTC) gained nearly 2% on Monday after Pacific Crest Securities upgraded the chip giant from sector perform to outperform.

So what: Along with the upgrade, analyst Michael McConnell planted a price target of $31 on the stock, representing about 19% worth of upside to Friday's close. So while contrarians might be turned off by Intel's rally over the past month, McConnell's call could reflect a strengthening sense on Wall Street that its growth prospects still aren't fully baked into the price. 

Now what: According to Pacific Crest, Intel's risk/reward trade-off is rather attractive at this point. Specifically, the firm thinks that Intel's new server platform is poised to "reaccelerate spending at traditional IT customers and serve as a likely driver for Intel's high-margin DCG business next year." More importantly, with Intel continuing to boast a rock-solid financial position and 3.5% dividend yield, the downside might be limited enough to buy into that bullishness. 

Brian Pacampara has no position in any stocks mentioned. The Motley Fool recommends and owns shares of Intel. 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.