, Jim Cramer said Friday on
Cramer said the tractor giant's 14% selloff Friday is "ridiculous," given that many of the company's businesses are "on fire." Sure, Cramer said, housing has hurt Caterpillar, but at these levels it makes no sense not to buy the stock.
"This has 2 points down and 10 points up," Cramer said, laying out what he sees as the stock's risk/reward equation at $60 or so.
Cramer said he'd buy all the hard-hit stocks in the Caterpillar complex, such as
, which is down 9% Friday in spite of the fact that it "has no housing" exposure, Cramer said. Cramer would also buy manufacturer
, since it's now down 8% off a recent high.
Cramer would even buy
, given that Friday's strong quarter will have analysts raising estimates. "It reminds me of CAT right here," Cramer said, adding that 3M shares "went down too fast" when the stock plunged in the wake of two July earnings warnings.
At the time of publication, Cramer had no positions in stocks mentioned.
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