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NEW YORK (
) -- "The United State of Apple is alive and well," Jim Cramer proclaimed to the viewers of his
TV show Monday. Cramer said that
, a stock which he owns for his charitable trust,
Action Alerts PLUS
, was one of the leading drivers in today's rally off the lows.
Cramer explained that with so much negativity in the markets preparing for a slowdown or global recession, it's only natural that investors are looking for growth wherever they can find it. He said the most logical company that has growth, is Apple.
Consensus estimates are for Apple to earn $32 a share in fiscal 2012, but Cramer said those estimates are drastically too low. He said with the world clamoring for the next iPhone and the iPad still the only game in town, not to mention the downfall of rivals
Research in Motion
, Apple could earn as much as $45 a share.
Back out the company's projected $150 a share in cash, and that leaves Apple trading at a mere five times earnings. That's five times earnings for Apple, compared to an average of 13 times earnings for the rest of the
, Cramer added.
Cramer said he expects to see analysts drastically revising their targets for Apple upward in the coming weeks, sending shares flying. He said so strong are Apple's prospects, that it's taking a host of other growth stocks with it, stocks like
Green Mountain Coffee Roasters
Cramer also gave the nod to other high fliers such as
Chipotle Mexican Grill
, a stock that was up over 5%.