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Deckers Outdoor (TICKER: DECK)

It may surprise you that a stock which had declined more than 40 percent year-to-date is on Cramer's radar ... but it is. Cramer thinks Deckers Outdoor, the maker of Ugg boots, is much more than a fad stock. "It's not some ridiculous flash in the footwear pan. It's a real company with real sales and real earnings," he said.

He noted that sheepskin costs, a material used in the company's signature boots, have finally started to moderate.

Perhaps most appealing, however, is the company's prospects as a takeover candidate. "I think the most likely acquirer is VF Corp.," said Cramer. Considering VF Corp. bought Timberland at a 25 percent premium — if it was willing to pay the same for Deckers, "I could see this company being bought for about $50 a share," Cramer said.

Andrew Watson | Photolibrary | Getty Images