More gains may be on the way for Caterpillar (CAT) .

Speaking on CNBC's "Mad Dash" segment, TheStreet's Jim Cramer says Caterpillar stock could be headed north of $140 per share. While some may find that too lofty for a stock already up 47% in 2017, consider the company's recent good news.

On Monday after the close, Caterpillar reported its three-month rolling machine retail sales climbed 19%, up dramatically from the 13% gain it showed in September. In other words, momentum is gaining for Caterpillar and the gains are being seen in both Asia Pacific and North America.

"This is the resurgence of American manufacturing," Cramer reasoned.

Given the resurgence in industrials and manufacturing, General Electric (GE) should be doing much better, he pointed out. Instead, it's down roughly 12% so far this week and at the forefront of a massive overhaul.

Because it wasn't always doing so well, Caterpillar had to cut a lot of its workforce and lower overall costs. Because of these lowered expenses, these big sales boosts should inflate the bottom line, explained Cramer, who also manages the Action Alerts PLUS charitable trust portfolio.

Now, Caterpillar can "blow out the quarter," he said, even as the company has already delivered several quality quarters. Earnings estimates will have to go up as a result of these strong sales, Cramer added.

Many investors continue to dog Caterpillar, saying the stock hasn't deserved this year's big rally. They have become accustomed to Cat's continual disappointment, but that is no more. "Caterpillar's doing great," he concluded.

General Electric is a holding in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells GE? Learn more now.

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

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