Goldman Sachs (GS) shares may be too cheap to ignore. 

Shares of the investment bank have fallen 7.7% so far this year, part of a broader bear thesis on the financials that has descended on Wall Street. But to see a premier investment banking franchise such as Goldman trade at a mere 9.3 times forward earnings, one can't help but to wonder if a rare opportunity now exists. 

Much could also be said about the so far seamless CEO transition from long-time leader Lloyd Blankfein to David Solomon. 

"Look, our focus on the client and continuity in leadership from Lloyd [CEO Blankfein] to David [Solomon, CEO successor] is what I as someone working at Goldman focuses on, and that's our job and that hasn't changed," explained CEO International Goldman Sachs Asset Management Sheila Patel when asked why Goldman's stock may be an opportunity down here.

What Jim Cramer Says

"Our belief that this stock [Goldman] is set up to have a strong second half of the year on the back of CCAR has not changed. And while the bear thesis on the financials remains that these stocks should be sold as the spread between the 2-year and 10-year treasury yield narrows, the spread flattened one basis point in the month of July, however Goldman outperformed the S&P 500 (7.6% vs. 3.6%). The timing is key as this period includes the resumption of the company's $5 billion share repurchase program, which goes back to what we have said about how CCAR is the inflection point."

Goldman Sachs is a holding in Jim Cramer's Action Alerts PLUS member club. Cramer is an alumni of Goldman Sachs.

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