NEW YORK ( TheStreet -- Debra Borchardt: Jim, we are in the thick of earning season. IBM ( IBM) came out with their earnings. Not bad. Now, when you look at the chart of the stock, the stock has been making a steady climb up, so is there still some steam, some room to move here?

Jim Cramer: Yes. I think this was a remarkable quarter. It also puts to rest this notion that unless you have phenomenal revenue growth, you shouldn't own this stock. People have to go over this conference call. They're doing okay sells, not great, but they are making fortunes with the sells. You take software, 90 percent gross margins.

Take all of these different acquisitions, they're slotting them in, they're really growing. You take what I regard as being the true emerging markets and you see that the growth in the emerging markets is extraordinary. You have a company that had set a very ambitious goal that a lot of people scoffed at five years ago that that they could earn 20 bucks by 2015. Now, I think that, that's not even a stretched goal. I think that's easy. Why? Because they have the products that a lot of companies want. They offer a tremendous level of service and if business actually picks up world wide, you're going to see the sells number climb. They are a bit of a GDP play. When the number came out a lot of people were saying, "Why is that company going up? Didn't they just miss?"

Debra Borchardt: Right. People seemed surprised.

Jim Cramer: You know the notion of missing and I have been commenting on this quite a bit in Real Money and also Mad Money, missing is something that you can't determine until you've done a lot of work. It's no longer like IBM misses. There are a lot of stories about Google ( GOOG)missing. Google didn't miss. The metric that we needed to see, which is how they're doing in mobile was good. The cost of acquisition, they were good, so don't be so lulled into thinking that a headline is going to produce a trade. McDonalds ( MCD)a number that is better than expected but the guidance wasn't there.

Debra Borchardt: You had to read all the way to the bottom and the key is like you said, a lot of people stop after the first two or three paragraphs and then all of the good stuff, the real stuff, is at the very bottom where they say "Oh yeah, by the way, guidance was good."

Jim Cramer: Guidance was good. I'm at a funny point in my career. IBM last night and Google... I knew I had to get through them. I had a lot of other things I wanted to do, but I knew that I had to get through them so that I could be able to answer your questions and be able to write and it was really hard. Google took me an hour and ten minutes, IBM an hour and fifteen minutes. Most people don't want to do that. They just don't want to and I can't blame them. Maybe they just don't feel it's important but if you want to know why a stock goes up and down, you've got to read that and you've got to read the notes and it's a big drag.

Debra Borchardt: Right.

Jim Cramer: If you're going to be a pro, you got to do it.

Debra Borchardt: All right. So IBM, would you get in here?

Jim Cramer: Yes. We own it for Action Alerts Plus, but yes. I'd hope it would come in and I'd buy some more because IBM is selling at ten times earnings. I had a moment today with Melissa Lee where she was saying that an analyst, who I don't even know, was saying it's over valued. This is an example where I've been around longer than the analyst. I know IBM pretty well, own it for Action Alerts and sure if the market just craters then stock will go down, but it was a good quarter and unless you understand the nuances of this market, you're not going to make a lot of money.

Debra Borchardt: Where do you think it could go?

Jim Cramer: I believe 12 times. Say it goes 12 by 2015.

Debra Borchardt: It's 10 times now and it has the potential to go to 12.

Jim Cramer: It's going to earn 20 bucks in 2015 and so 200 plus another two multiples and you get to where it could only go to 240 over time. It is not a company that does these kinds of moves. These kinds of moves were predicated giant moves because it was supposed to miss and it didn't miss. The last quarter was bad, we did another video about Coach the last quarter being inconsistent. IBM had been consistent until the last quarter and in that quarter they told you they had some orders that were pushed out and what happened is, we discovered that was true. A lot of times companies say it and it's not true. It's true in IBM's case and that's why the stocks going higher.

Debra Borchardt: All right. So Jim's saying you can definitely take a look at IBM - looking good here.

--Written by Debra Borchardt in New York.

>To contact the writer of this article, click here: Debra Borchardt.

Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.

More from Investing

GE Headed to $9.99 a Share?

GE Headed to $9.99 a Share?

3 Ways to Fix Starbucks Biggest Challenges

3 Ways to Fix Starbucks Biggest Challenges

Oracle's Soft Guidance and Move to Not Break Out Cloud Revenues Are Worrying

Oracle's Soft Guidance and Move to Not Break Out Cloud Revenues Are Worrying

General Electric's Boot From the Dow: Is This as Bad as It Can Get?

General Electric's Boot From the Dow: Is This as Bad as It Can Get?

News From Starbucks and General Electric Leaves Their Investors Up in Arms

News From Starbucks and General Electric Leaves Their Investors Up in Arms