While Fools should generally take the opinion of Wall Street with a grain of salt, it's not a bad idea to take a look at particularly stock-shaking analyst upgrades and downgrades -- just in case their reasoning behind the call makes sense.

What: Shares of Methanex (NASDAQ:MEOH) gained 3% today after TD Securities upgraded the methanol producer from hold to buy.

So what: Along with the upgrade, analyst Cherilyn Radbourne reiterated her price target of $69, representing about 21% worth of upside to yesterday's close. So while momentum traders might be turned off by Methanex's sharp pullback in recent months, Radbourne's call could reflect a sense on Wall Street that its longer-term prospects are now too cheap to pass up.

Now what: According to TD, Methanex's risk/reward trade-off is rather attractive at this point. "Methanol prices have declined sharply from the highs reached in Q4/13 and Q1/14 as industry capacity that was offline has returned to production, but prices appear to be at/near a bottom," said Radbourne. "Notwithstanding the recent correction in methanol price, our view of the industry's medium to long-term fundamentals remains positive." With Methanex shares still off about 20% from their 52-week highs and trading at a single-digit forward P/E, it's tough to disagree with TD's 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.