According to TheStreet's Jim Cramer, Citigroup analyst Wendy Nicholson is a top-notch analyst investors should take note of.

In early Friday trading, shares of Kimberly Clark Corp.  (KMB - Get Report) were reacting as if Nicholson had downgraded the stock. However, she maintained her neutral rating, despite the temptation to downgrade to sell.

Why didn't she downgrade Kimberly Clark? Because of M&A risk, noted Cramer, the manager of the Action Alerts PLUS charitable trust portfolio. Shares were back to slightly positive territory as it approached midday trading Friday.

"Isn't that what's going on in the whole sector?" Cramer asked. People are afraid to sell short companies like General Mills (GIS - Get Report) or Campbell Soup Company (CPB - Get Report) . Investors don't want to be holding a short position and have the stock gap higher on takeover news or rumors, leaving them with big losses.

He also pointed out that she also finds earnings expectations to be too high for Kimberly Clark. "This is a very high quality analyst," he said, adding that investors should read the "incredible report" by Nicholson.

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This article is commentary by an independent contributor. At the time of publication, the author had no positions in the stocks mentioned.