NEW YORK (TheStreet) -- Rite Aid (RAD)  shares are up a healthy 12% to $6.75 Thursday after the company reported better-than-expected fiscal third-quarter earnings. That makes TheStreet's Jim Cramer think shares are headed back to the previous high of $8.62.

Cramer, co-manager of the Action Alerts PLUS portfolio, said on CNBC's "Mad Dash" segment that Rite Aid's earnings of 10 cents per share doubled his estimate of 5 cents per share. The company's 5.4% same-store sales growth is "fantastic," he added. 

Rite Aid's generic drug reimbursement issue really was just a temporary setback and the management team was truthful when it said investors needed to be patient, he said, adding, "This was a beautiful quarter."  

RAD Chart
Rite Aid RAD data by YCharts

Not so beautiful was Dunkin' Brands (DNKN)  , which issued lower-than-expected guidance for 2015. Cramer expected to see $2.15 in earnings per share with comparable-store sales growth between 2% and 4%. Dunkin' forecasts just $1.88 to $1.91 in fiscal 2015 earnings per share, with comp-store sales growth of just 1% to 3%. 

"America clearly no longer runs on Dunkin'," Cramer said, adding that "this is a major reset." 

The company's expansion plans have kept investors interested in the stock, but there's a larger issue at play now, although Cramer hasn't quite put his finger on what it is. Management should give investors an explanation for this miss, he said.  

-- Written by Bret Kenwell

Follow @BretKenwell

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

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