Analysts at Cowen Group have upgraded their outlook for Microsoft (MSFT) - Get Report shares and expect better numbers from the company, something TheStreet founder and Actions Alerts PLUS portfolio manager Jim Cramer thinks could boost the company's stock price several dollars.

"The reason it's not been going up is because of that last quarter ... their cloud business and the regular business related to PC have slowed," Cramer says. "This piece implies they've gotten better. If that's the case, Microsoft goes to $55."

During midday trading Tuesday, the Redmond, Wash.-based software giant's shares traded at $51.48, up 2.89%. The company's 52-week high share price is $56.85, a mark it reached in late December. The company also reported a decrease in earnings per share in the first three months of 2016, when it posted a 48 cents EPS against a 61 cents EPS from the same time last year.

The Cowen report comes after the company reported a decrease in revenue for the three months ending March 31, to $20.53 billion, down from $21.73 billion during the same time last year, a decrease of 5.5%, according to filings with the U.S. Securities and Exchange Commission. Over that earnings period, Microsoft shares fluctuated between slightly more than $49 and $55.

Last week the company also announced it reached an agreement to sell its entry-level phone assets to FIH Mobile for $350 million. FIH will also acquire Microsoft Mobile Vietnam, a manufacturing facility in Hanoi, Vietnam. Among the products Microsoft will still make are Windows 10 Mobile and Lumia phones. Some 4,500 Microsoft employees will have the option to work where they are or be transferred to FIH, as part of the deal.