Bristol-Myers Squibb (BMY - Get Report) shares are near a 52-week high for good reason.

Analyst David Risinger upgraded Bristol-Myers to overweight Thursday from equal weight and bumped his price target to $78 from $63. After Thursday's rally, the new price target implies about 14% upside from current levels.

The potential move would be rather impressive, given that the stock is already up about 12% so far in 2018.

Risinger says he's becoming more confident in Bristol-Myers because of the company's combination of Opdivo and Yervoy being used on first-line lung cancer patients. This is one of the largest cancer markets, the analyst contends.

This stock has been showing great strength, impressing investors with its burst higher Thursday. Risinger's price target is now the highest on Wall Street, according to Cramer, who also manages the Action Alerts PLUS charitable trust portfolio.

"It is back," Cramer said of Bristol-Myers, "and it is bigger than ever."

At the time of publication, Cramer's Action Alerts PLUS had no position in any security mentioned.