Jim Cramer: Buy Monsanto's Stock on Weakness

Shares of multinational agricultural biotechnology company Monsanto (MON) have fallen more than 5% on Wednesday after the company slashed its 2016 earnings forecast, citing lower prices for an herbicide and a strong dollar.

"They've pre-announced an ugly number, way worse than I thought," TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, said on CNBC's "Mad Dash" segment. "Holy cow, they're going to miss big."

MON Chart MON data by YCharts

But Cramer said the company is "worth a ton" and isn't being affected by protests against producers of genetically modified food.

"Don't read in, 'Well, wait a second; the millennials have finally gotten to Monsanto. They listen to the Neil Young album that is all about why he hates Monsanto, and they decide to hate it.' No," Cramer said.

Investors may be asking themselves whether to buy other companies in the sector such as Dow Chemical (DOW) and DuPont (DD) , which have rosier outlooks, he said.

"I think that Monsanto should be bought on weakness, but my daughter will kill me. So let's just say, if you want to buy it, go ahead," Cramer said.

At the time of publication, Cramer's Action Alerts PLUS had a position in DOW.

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