Shares are up 5.5% Thursday after the company was upgraded to buy from underperform at Bank of America/Merrill Lynch. Analysts assigned a $105 price target, Cramer said on CNBC's "Mad Dash" segment.
While the company is known mostly for its fertilizers, the analysts have identified its hydroponics division as a serious growth opportunity. That's why they upgraded to buy from sell, Cramer reiterated.
Hydroponics also allows for the growth of cannabis, a market that is rapidly growing now that states are legalizing the product, Cramer said.
The analysts even said pot could be a $1 billion category that's at the precipice of secular, multi-year growth. That's a big deal for a company like Scotts.
Because of this wave of growth, the guidance from Scotts Miracle Gro is likely conservative and plenty of growth remains ahead for the company, Cramer concluded.