The company may be getting back into tablets, which would solidify HP's move into younger, newer markets and lessen its focus on PCs and printers. This was evident when the company announced a new partnership with Salesforce.com (CRM), Cramer said.
He added the stock does not have significant downside but could have significant upside if the turnaround materializes. Should that happen it would be next year, Cramer said, who praised CEO Meg Whitman.
He concluded that HP needs to have social, mobile and cloud "to become more than just a turnaround."
-- Written by Bret Kenwell in Petoskey, Mich.