NEW YORK (TheStreet) -- On CNBC's "Cramer's Mad Dash" segment, TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, looked at Banco Santander (SAN) after an analyst at UBS raised its estimates for the stock.
The bank has been selling off assets throughout the U.S. and the world but "the stock is not done going higher," Cramer said.
While perhaps a bit perplexing, he pointed out how low the Spanish five-year bond yield is at 1.73%, which is about on par with the U.S. five-year Treasury yield. Despite Spain's unemployment rate hovering near 26%, the country's bonds have performed well.
Banco Santander is no longer an expensive bank where investors felt the biggest risk was owning sovereign debt. Now that SAN has perhaps the best-performing sovereign debt in the world, the stock is "way too cheap," he said.
Cramer concluded that shares of Banco Santander could hit $12 or $13 "without a problem."
-- Written by Bret Kenwell in Petoskey, Mich.