The company may be getting back into tablets, which would solidify HP's move into younger, newer markets and lessen its focus on PCs and printers. This was evident when the company announced a new partnership with Salesforce.com (CRM) - Get Report, Cramer said.
He added the stock does not have significant downside but could have significant upside if the turnaround materializes. Should that happen it would be next year, Cramer said, who praised CEO Meg Whitman.
He concluded that HP needs to have social, mobile and cloud "to become more than just a turnaround."
-- Written by Bret Kenwell in Petoskey, Mich.
Bret Kenwell currently writes, blogs and also contributes to Robert Weinstein's Weekly Options Newsletter. Focuses on short-to-intermediate-term trading opportunities that can be exposed via options. He prefers to use debit trades on momentum setups and credit trades on support/resistance setups. He also focuses on building long-term wealth by searching for consistent, quality dividend paying companies and long-term growth companies. He considers himself the surfer, not the wave, in relation to the market and himself. He has no allegiance to either the bull side or the bear side.