Jim Cramer's Mad Dash: MS HGG BBY

NEW YORK (TheStreet) -- Bank of America upgraded Morgan Stanley (MS) to buy from hold and maintained its price target of $35. 

"This call works," TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, said on CNBC's "Cramer's Mad Dash" segment. He pointed out how well Morgan Stanley CEO James Gorman has done at integrating all of the company's different businesses. 

There is a renewed optimism among analysts following the better-than-expected earnings results from Citigroup (C), Cramer said. Shares of MS had a nice, extended move higher before gently pulling back, he added, suggesting the stock could return to its recent highs. 

Turning to HHGregg Incorporated (HGG), the small-chain retailer had some rather disappointing preliminary results for the fourth quarter. The company expects comparable-store sales to fall 9.9%, with the consumer electronics category dropping 18.9% and the wireless and computing category plunging 22.6%.

Cramer added that Best Buy (BBY) could have some less-than-stellar earnings results as a result of weak electronics and PC sales.


-- Written by Bret Kenwell in Petoskey, Mich.

At the time of publication, Cramer's Action Alerts PLUS had no position in companies mentioned.

If you liked this article you might like

Bank Stocks Move Higher as Fed Decides to Start Unwinding Balance Sheet

Bank Stocks Move Higher Ahead of Federal Reserve Meeting

Morgan Stanley Is Using Snapchat to Recruit College Students and Make Them Rich

WeWork Claims Work as a Concept in Suit Against Chinese 'Copycat'

Citi Trading Revenue May Dive 15% as Goldman Cites 'Challenging' Bond Market