NEW YORK (TheStreet) -- "There's an itch to downgrade stocks that have moved up so much," TheStreet's Jim Cramer said on Tuesday's CNBC "Mad Dash" segment, pointing out several analyst downgrades. 

Analysts at Goldman Sachs downgraded Costco Wholesale (COST) to hold from buy over concerns about the stock's momentum and the impact of a strong U.S. dollar on its international business. 

HPQ Chart
Hewlett-Packard HPQ data by YCharts

Then there is Pacific Crest's downgrade of Hewlett-Packard (HPQ - Get Report) to hold from buy after its run of roughly 50% in the past 12 months. 

The previous buy ratings have been "great calls," acknowledged Cramer, the co-manager of the Action Alerts PLUS portfolio. Now it's simply time to be prudent and take money off the table, he added. Cramer said that investors need to say, "Maybe it goes higher, but it goes higher without me." 

"I applaud analysts who get things right," and then have enough rigor to take some chips off the table, Cramer said.

While Hewlett-Packard has had a great run, there's still more upside. However, that upside may not come for another year, after the company splits up its business and enters the 3-D printing business in 2016. 

"I think the split is fabulous" and Hewlett-Packard is going to "dominate" 3-D printing, Cramer said. However, after the stock's big move higher in 2014 and with these events being long-term catalysts, not near-term, investors seem better off owning the stock in 2016.

-- Written by Bret Kenwell

Follow @BretKenwell

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