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.
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.