NEW YORK (TheStreet) -- On CNBC's "Cramer's Mad Dash" segment, TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, examined two stocks that had been "written off" by the market: Lululemon Athletica (LULU) - Get Report and Panera Bread Company (PNRA) .

Wedbush Securities upgraded both stocks to buy from hold Monday.

Cramer said Lululemon might become attractive to growth managers, who have done well with stocks such as Michael Kors (KORS) and Restoration Hardware (RH) - Get Report.

He also said shares of Lululemon are likely to bounce from current levels. However, "it's too early" to buy because there is a lot of competition and Cramer wants to see how new CEO Laurent Potdevin does at the helm. 

Turning to Panera, Cramer said he was "very intrigued" by the upgrade from Wedbush. Unlike the uncertain situation with Lululemon, he is a huge fan of Panera CEO Ron Shaich, calling him "totally bankable."

He says the stock should rebound as the company solves its throughput issues and reaccelerates same-store sales. "I want to buy it," Cramer concluded. 

-- Written by Bret Kenwell in Petoskey, Mich.

Follow @BretKenwell

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