Microsoft's (MSFT - Get Report) cloud business is "on fire," said TheStreet's Jim Cramer on CNBC's "Stop Trading" segment. And its shares are up Thursday after analysts at Oppenheimer placed an outperform rating on the stock and $62 price target. 

Cramer, who is co-manager of the Action Alerts PLUS portfolio, said he likes the Oppenheimer analyst call. He added that too often Microsoft is thought of as just a play on the sluggish PC market. 

Microsoft's cloud business is growing rapidly, he said, and so is the cloud business at Oracle (ORCL - Get Report) and (CRM - Get Report) .

Cramer also reminded investors that Adobe Systems (ADBE - Get Report) , another company with an attractive cloud business, reports earnings after the close and is one he'll be watching

Tech stocks are starting to come back in favor, Cramer added, pointing out that even the beleaguered IBM (IBM - Get Report) has gained traction, climbing some 16% over the past month.  

In some cases, like Microsoft and Action Alerts PLUS holding Cisco Systems (CSCO - Get Report) , it's because of an attractive valuation and good growth, he said.

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Cramer said another factor in the equation that investors don't seem to be talking about is the declining U.S. dollar. A lower dollar is great for companies with overseas operations, Cramer explained. 

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