He said the jewelry retailer's management team is continuing to transform Tiffany from a "boutique" to a more broad-based business. He also noted that gross margins are improving.
"I think Tiffany is one of those great names that you've never got hurt buying, and now I think you're going to start making a lot of money," Cramer told investors. The big question, and thus big opportunity, lies in management's ability to transform Tiffany from a "special occasion" store to an everyday store.
Cramer elaborated, saying it would do much better if it became an "everyday place [where] women buy jewelry" instead of just a shopping center for boyfriends and husbands on birthdays and holidays.
The company is also focused on global growth, which is another positive catalyst. "I think this stock could be $120," Cramer said. "I'm with it."