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 analyst upgrades and downgrades -- just in case their reasoning behind the call makes sense.

What: Shares of GoPro Inc (NASDAQ:GPRO) gained 4% this morning after Piper Jaffray initiated coverage on the high-definition personal camera technologist with a Buy rating.

So what: Along with the bullish call, analyst Sean Naughton planted a price target of $48 on the stock, representing about 16% worth of upside to Friday's close. So while contrarian traders might be turned off by GoPro's post-IPO price strength in recent weeks, Naugthon's call could reflect a sense on Wall Street that its growth prospects give the stock plenty of room to fly.

Now what: According to Piper, GoPro's risk/reward trade-off is rather attractive at this point. "We expect GoPro to maintain its category leadership and margins because it currently, or will, offer a full ecosystem of hardware, software and media," said Naughton. "In our view, GoPro's focus on the total user experience of capturing, managing, sharing and enjoying engaging content coupled with a strong brand gives the company a competitive advantage over other brands, the key to maintaining strong profitability in the highly competitive consumer electronics market." With GoPro shares now trading at a 40-plus forward P/E, however, conservative Fools might want to hold out for a wider margin of safety before buying into those positives.

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.