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 Pandora Media, Inc. (NYSE:P) gained 3% today after SunTrust Robinson initiated coverage on the Internet radio technologist with a buy rating.

So what: Along with the bullish call, analyst Robert Peck planted a price target of $34 on the stock, representing about 34% worth of upside to Friday's close. So while momentum traders might be turned off by Pandora's sharp pullback in recent weeks, Peck's call could reflect a growing sense on Wall Street that its monetization prospects are becoming too cheap to pass up.

Now what: According to SunTrust, Pandora's risk/reward trade-off is rather attractive at this point. "We expect Pandora to remain the clear leader in Internet radio and initiate with a Buy rating based on: 1) $2B+ revenue potential driven by monetization, not predicated on user growth; 2) opportunity presented by the recent pullback in the shares; and 3) longer-term optionality given platform scale," said Peck. When you add Pandora's debtless balance sheet to that juicy list of positives, it's tough to disagree with SunTrust's bullishness.

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