Google (GOOGL) - Get Alphabet Inc. Class A Report shares are up nearly 4% Tuesday following an upgrade by analysts at Goldman Sachs from hold to conviction buy, Cramer said of the Action Alerts PLUS holding on CNBC's "Mad Dash" segment.
This was "perfectly time," he added, saying the analyst did a great job waiting for the stock to pull back before pulling the trigger on the upgrade.
The stock traded poorly on Tuesday, but over the longer term new CFO Ruth Porat will continue to make an impact. The company's reorganization into Alphabet is also a positive catalyst, he said.
When looking for more positives, Cramer cited the analyst note, finding expectations for higher margins and positive trends in mobile ads and YouTube revenues.
Even though the stock has traded poorly of late, this upgrade very well could come in at the bottom, he concluded. Only time will tell.
At the time of publication, Cramer's Action Alerts PLUS had a long position in GOOGL.