The co-manager of the Action Alerts PLUS portfolio said during CNBC's "Cramer's Stop Trading" segment that Wells Fargo is now higher and the financial sector simply can't be held down and will continue rising into next year.
Wells Fargo was downgraded to market perform from outperform by Sanford Bernstein. Analysts cited valuation concerns as the rationale behind the downgrade but left its price target of $56 unchanged.
People want to buy financials, not flee them, especially with consumers starting to believe the economy is improving, Cramer said. Other financial stocks, including Visa (V) , MasterCard (MA) and Goldman Sachs (GS) , have been like "teflon" and have traded very well after lagging the broader market for most of 2014, Cramer said.
-- Written by Bret Kenwell