Check out Jim Cramer's latest trading recommendations on "Action Alerts Plus".
(Updates from 10:53 a.m. ET with closing information.)
NEW YORK (TheStreet) -- Here's what Jim Cramer had to say on CNBC's "Squawk on the Street" Wednesday.
Morgan Stanley downgraded Kinder Morgan (KMP). Cramer added that "people don't like [master limited partnerships] now that rates are going higher." KMP closed down 1% at $80.05.
Jefferies initiated coverage on Bank of America (BAC) and JPMorgan Chase (JPM - Get Report). It rated each bank as a buy with $19 and $66 price targets, respectively. Cramer said JPM appears to be "bullet proof," as all of the lawsuit settlements have yet to hurt the stock. Both banks are holdings in Cramer's charitable trust, Action Alerts PLUS. JPM rose 1% to $58.87.
RBC Capital Markets upgraded Nabors Industries (NBR - Get Report) to outperform from sector perform. Cramer said he's surprised there has been no increase in drilling lately despite all the talk of an "oil revolution." NBR was up by 5 cents to $16.69.
Cramer wrote about Manitowoc (MTW - Get Report) in his new book, Get Rich Carefully, where he suggested the company should split into two segments, refrigerators and cranes. MTW jumped 4.6% to $23.99.
Bernstein raised its price target on Union Pacific (UNP - Get Report) to $195 from $165. Cramer said he "feels bad" he sold the stock in the Action Alerts PLUS portfolio in late-2013. Since then, the stock has rebounded and estimates continues to climb as well. UNP ended the day up 31 cents to $166.93.
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-- Written by Bret Kenwell in Petoskey, Mich.