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 Huntsman (NYSE:HUN) gained 1% today after Goldman Sachs upgraded the chemical products company from buy to conviction buy.

So what: Along with the upgrade, analyst Robert Koort planted a price target of $32 on the stock, representing about 19% worth of upside to yesterday's close. So while contrarian traders might be turned off by Huntsman's price strength over the past year, Koort's call could reflect a sense on Wall Street that the company's growth prospects still aren't fully baked into the valuation.

Now what: According to Goldman, Huntsman's risk/reward trade-off remains particularly attractive at this point. "We add Buy-rated HUN to the Americas Conviction List as we expect further expansion of HUN's multiple to be supported by its 1) structurally improved margin profile as a result of restructuring initiatives, 2) better earnings quality with a mix shift toward specialty businesses; and 3) better leverage to a global cyclical recovery with growth and reinvestment in a broad and diverse portfolio of chemical assets," said Koort. With Huntsman shares hitting a new 52-week high today and trading at a 30-plus P/E, however, I'd hold out for a wider margin of safety before betting on those expectations. 

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.