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NEW YORK (
TheStreet) -- After six straight weeks of market gains, Jim Cramer told viewers of his "Mad Money" TV show, that the latest push that sent the
Dow above 11,000 came from analysts who were late to the party finally getting on board.
Cramer said there's a time honored tradition on Wall Street of financial analysts being late to game. He said that could clearly be seen today, as literally dozens of stocks were upgraded by analysts, most of them at their 52-week highs.
Ciena(CIEN), a stock which received an upgrade today that's already up some 88% from its lows and is trading at its 52-week high. Cramer said it's almost comical how the analyst, who had rated Ciena a sell, now suddenly thinks it's a buy, with a $25 price target.
Cramer said similar patterns could be seen with
Under Armour(UA) and
Gap Stores(GPS), both of which are at their 52-weeks highs, and both of which were also upgraded by analysts who completely missed the move higher.
Cramer said the next wave of upgrades will be the banks, aerospace, infrastructure stocks, timber companies and the broader technology group. All of these companies, said Cramer, have completed aggressive cost cutting, and will be up against easy comparisons from last year, making it easier for analysts to fix their mistakes.
"We've had 18 months of gains," said Cramer, but the markets aren't done yet.