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 Masco Corporation (NYSE:MAS) gained about 1% today after Jefferies upgraded the home improvement products distributor from hold to buy.

So what: Along with the upgrade, analyst Philip Ng raised his price target to $25 from $23, representing about 21% worth of upside to yesterday's close. So, while momentum traders might be turned off by Masco's price weakness in recent months, Ng's call could reflect a sense on Wall Street that its long-term-growth prospects are becoming too cheap to pass up.

Now what: According to Jefferies, Masco's risk to reward trade-off is rather attractive at this point. "We hosted a field trip to Masco's HQ this week and walked away more confident that the long-term strategy should position the company to outperform the market and the underlying recovery has not materially changed," said Ng. When you couple that upbeat outlook with Masco's recent pullback -- now trading at a cheapish PEG of 0.6 -- it's tough to disagree with Jefferies' upgrade.   

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.