Shares of cloud computing company (CRM) - Get, inc. Report have risen more than 4% Wednesday after CLSA and Jefferies upgraded the stock.

"CLSA today goes from buy to strong buy. This is important because Jefferies, which has hated the stock, went from sell to hold yesterday," TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, said on CNBC's "Stop Trading" segment.

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CRM data by YCharts

"Remember, there was a big takeover premium; Microsoft (MSFT) - Get Microsoft Corporation (MSFT) Report was supposed to buy them for $82 a share, which didn't happen, by the way. But Salesforce was actually selling at one point at an actual somewhat reasonable multiple to its growth," Cramer said.

He advised investors to keep an eye on the fact that many stocks are bouncing Wednesday, including Disney (DIS) - Get Walt Disney Company Report .

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"I'm a little more positive and sanguine about some of these entertainment stocks like Disney because the stock has come down so much, and everyone else would kill for that franchise," Cramer said. "You may think ESPN is killing them, [but] I do think that there's a longer-term case to be made."

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DIS data by YCharts

Cramer shrugged off criticism that Disney's theme parks are peaking.

"How about the fact that the earnings were great, that the businesses are good and that they'll figure it out?" he said about the company.

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