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NEW YORK ( TheStreet) -- With the market near completing its best August in 14 years, Jim Cramer told his Mad Money viewers Tuesday there's not much to fear at these levels but there is still a lot to embrace.
Just how did the market achieve such remarkable gains? Cramer said that Monster Beverage (MNST) helped with its 36% gain and he would still be a buyer of the stock. Likewise with Mohawk Industries (MHK) and Gilead Sciences (GILD) , which were up 17% and 16%, respectively. Cramer said he's a fan of both companies, especially Gilead, which still trades at just 11 times earnings.
Cramer is less enthusiastic about Dollar General's (DG) 15% gain for the month, saying that some of those gains will likely be given back in the coming weeks.
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Is Perrigo a Bargain?
Are there still bargains to be had with the markets at record highs? Cramer said there are if investors are considering private label drug maker Perrigo (PRGO - Get Report) , a stock that's up 226% since he first got behind the stock four years ago.
After peaking in March, shares of Perrigo have declined due to manufacturing issues that lowered the company's earnings. But now that those issues are in the past, Cramer said this fantastic company should be ready to resume going higher.
Cramer said Perrigo products simply make sense for thrifty consumers. Why pay over $71 for a box of Nicorette gum, for example, when the identical Perrigo product sells for 26% less? Perrigo is a lot more than just over-the-counter medications -- it makes generic drugs and nutritional supplements.
With so many prescription drugs coming off patent in the coming years, Cramer said Perrigo will have no shortage of new products. The company will introduce 75 products this year alone.
Beyond its new product innovations, Cramer said Perrigo's newfound Irish tax status will also help boost earnings power and make the company an attractive takeover target for other companies looking for a tax inversion. Cramer said he sees Perrigo shares hitting $175 a share by the end of the year.