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(NVT) 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
," 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,
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.