NEW YORK (TheStreet) -- TheStreet's Jim Cramer likes Facebook's (FB) so much, it's a holding in his charitable trust, Action Alerts Plus.

So he told Debra Borchardt he was really happy about the social media company's recent upgrade and its long-term prospects.

Jordan Rohan of Stifel Nicolaus upgraded Facebook to buy, saying the company will eventually find its way into the S&P 500. Cramer believes Rohan is one of the best in the industry and thinks he is spot on with his call based on current price and fundamentals.

When Facebook announced its most recent quarterly results and hosted its conference call, analysts seemed to spin facts differently than how the company portrayed them, Cramer said.

However, Facebook never went on the offensive to disprove analysts and COO Sheryl Sandberg didn't help matters when she told Bloomberg and the investment world that Twitter was nipping at Facebook's heels.

Cramer continues to stress that while he might have been early on the call, the company still has great long-term growth prospects and tremendous user engagement.

If you missed the buying opportunity on the upgrade, that's fine, according to Cramer. He suggests waiting for the shorts to slam the stock lower before taking a long position.

-- Written by Bret Kenwell in Petoskey, Mich.

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