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missed earnings estimates by a penny two weeks ago, and the stock went down 10 points. "That's an overreaction," said Jim Cramer Tuesday on his "Mad Money" TV show.
Cramer applauded a Piper Jaffray upgrade of the stock Tuesday, but the stock is still below where it was the day after it announced earnings. "Maybe no one heard [Piper Jaffray]," said Cramer. "Maybe I can help. You need to buy Navteq."
Cramer is bullish on Navteq, which makes on-board navigation systems for vehicles, because it is the kind of "gadget" stock that fits his fourth-quarter tech rally thesis. Navteq is making inroads into the mass market, he said, as more and more lower-priced vehicles are equipped with the service.
The stock also historically does well in the fourth quarter, he said. Additionally,
(GOOG - Get Report)
uses Navteq's database to power its mapping Web site.
Cramer said Piper Jaffray is predicting 30% earnings growth for Navteq. If that happens, "growth junkies" will return to the stock, he said.
Commenting on GPS handheld-device maker
(GRMN - Get Report)
, Cramer said he believes the company is also right, but he's not sure where to do a 'mon back.* The stock got "shelled" last week, he said.
"Navtech has less hair on it" and has the edge right now, he said.
In response to a question about telecom GPS plays such as
with its GPS phone, Cramer said he is not a fan of the telecoms right now.
is being squeezed by
(VZ - Get Report)
, which are spending fortunes on their systems right now, he said.
has its "head in the sand." And, Cramer indicated that
(Q - Get Report)
is a disaster.