NEW YORK (TheStreet) -- On Friday, Polo Ralph Lauren
(RL - Get Report) reported a top and bottom line earnings beat. However, shares opened lower on weaker-than-expected guidance.
On CNBC's "Cramer's Mad Dash" segment, TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, said investors likely viewed the selloff in Ralph Lauren as a buying opportunity. The stock quickly rallied from its morning lows on Friday, nearly erasing the deficit by the end of the session.
If investors want a "really terrific" company that trades at a discount to its peers, then they should buy shares of Ralph Lauren, he added.
"I think spring is coming in very well for retail," Cramer went on to say, pointing out the strong sales results from Costco Wholesale
(COST) and Gap
He admitted that Whole Foods Market
(WFM) and Panera Bread
(PNRA) have reported disappointing earnings, but attributed that to increased competition, not to a sluggish consumer.
Cramer concluded that he is a buyer of Ralph Lauren, after it was downgraded today by Credit Suisse to hold from buy.
-- Written by Bret Kenwell in Petoskey, Mich.