"The high-multiple stocks are back in play," TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, said on Wednesday. Just look at the recent rally in tech, how Salesforce (CRM) - Get Report and Adobe (ADBE) - Get Report are hitting fresh all-time highs, and check out the big price target increase for Workday (WDAY) - Get Report .
If investors think this group has momentum, they should consider buying Palo Alto Networks. This stock used to be much higher than current levels would tell you and the cybersecurity industry remains quite strong. Specifically, Cramer suggested using deep-in-the-money call options for investors who are familiar with the strategy.
Analysts are looking for Palo Alto Networks to earn 42 cents per share on $339.48 million in revenue.
At the time of publication, Cramer's Action Alerts PLUS had no position in companies mentioned.