Cramer said that scenario assumes Caterpillar will earn only $4 a share this year and receive a market multiple of nine times earnings. However, with the P/E ratio likely to expand given the company's dividend, Cramer said a $70 price target, or slightly less, is far more likely. "Bottom fishers beware," Cramer concluded, Caterpillar may be one stock that's not yet found its bottom. --Written by Scott Rutt in Washington, D.C. To contact the writer of this article, click here: Scott Rutt. To follow the writer on Twitter, go to http://twitter.com/scottrutt. To submit a news tip, send an email to: email@example.com. To watch replays of Cramer's video segments, visit the Mad Money page on CNBC.