Up 20% year to date and 104% at the IPO, how does Cramer feel about Noodles?
"If you own Noodles, I would take profits in at least half your position here, then put Noodles on your shopping list so you can buy some more at lower levels," Cramer said.
Largely the Mad Money host thinks it will take time for Noodles to settle into its valuation.
"Noodles trades at 81 times next year's earningsestimates with a 28% long-term growth rate," reminded Cramer. "That's an absurdly high multiple--the kind of thing you'd expect to see from a fast growing tech stock, not a restaurant chain."
"My rule of thumb even for high-flying momentum stocks is that you don't want to pay more than twice the growth rate, meaning 56 times earnings in the case of Noodles," Cramer said.
But that doesn't mean the stock is a short. Not for a second.
Cramer said that Noodles is a 'regional to national' story and that bullish long-term.