NEW YORK (TheStreet) -- Shares of J.C. Penney (JCP) - Get Report are up by 6% after analysts at Piper Jaffray boosted their price target to $14 and maintained an overweight rating.

"This is a very gutsy call," TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, said on CNBC's "Mad Dash" segment.

Analysts also see comparable-store sales results coming in at 3%, more than their previous projection of 1%. 

If they're right with this call, the stock has very limited upside, Cramer reasoned. On the other hand, if the analysts are wrong, there could be quite a bit of downside in the stock. 

Rather than J.C. Penney, Cramer said he prefers Kohl's (KSS) - Get Report and Dillard's (DDS) - Get Report, which are taking market share from competitors. 

SPDR S&P Retail ETF XRT data by YCharts

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Turning his attention to Under Armour (UA) - Get Report, Cramer said, "this stock has just been extraordinary." 

Analysts at Citigroup reiterated the stock with a buy rating and $88 price target, noting that the company has now surpassed Adidas in European shoe sales. 

The athletic apparel space continues to impress investors, as Cramer pointed out that analysts at Deutsche Bank recently boosted their price targets for both Under Armour and Nike (NKE) - Get Report

"Both of these companies are doing extraordinarily well," he concluded. 

At the time of publication, Cramer's Action Alerts PLUS had no position in the companies mentioned.