Lululemon beat on fiscal third-quarter earnings per share and grew revenue 10.4% year over year although the revenue number missed analysts' estimates. The company had some port issues on the West Coast, which prevented it from "really blowing the numbers out," he explained during CNBC's "Cramer's Stop Trading" segment.
Lululemon is a "fabulous brand," Cramer said, and he agrees with a report from Oppenheimer & Company that the company has hit an "inflection point." Analyst Anna Andreeva reiterated her buy rating and set a $58 price target.
The bottom seems to be in for the stock and shares seem poised to go "much higher," Cramer concluded.
--Written by Bret Kenwell