(Click for video linked to a searchable transcript of this Mad Money segment)
Jim Cramer likes the fundamentals, but when technical analysis confirms his outlook, the "Mad Money" host can barely contain his enthusiasm.
"The charts, as interpreted by Ed Ponsi, and the fundamentals, as interpreted by me, are in total agreement. Hewlett-Packard appears to be going higher. I think it's a screaming buy, buy, buy!"
Cramer has been a fan of Hewlett-Packard for quite some time. Here's what he likes:
1. "When I look at Hewlett-Packard's fundamentals, I see a classic turnaround story playing out here." For example, Cramer says has improved the company's balance sheet, streamlined operations and aggressively cut costs, all critical pieces of a turnaround.
2. Also he likes that Whitman is putting greater emphasis on the company's strongest businesses. "In the case of Hewlett-Packard, that's PCs, printing and the enterprise unit, all areas where the company took share in the latest quarter," Cramer said.
3. Cramer believes the turnaround is gaining traction and cited recent earnings to confirm his outlook. "When you consider the better than expected quarter HPQ reported last Wednesday, it's clear to me that Whitman has momentum going."
4. And with the stock trading around $27.50 he thinks investors are getting a powerful turnaround story at bargain basement prices. "It's got so much going for it and yet Hewlett Packard is selling for just 7 times next year's earnings estimates. That makes it one of the cheapest stocks in all of the S&P 500."
Those fundamentals are reason enough for Cramer to feel good about the stock but as noted above, the technicals just put him over the top. According to analysis provided by Ed Ponsi, managing director of Barchetta Capital Management, the charts are equally bullish.
Specifically, Ponsi has identified a so-called cup and handle formation, a reliably constructive pattern. And, he says the pattern has manifest itself not once but twice, in both the daily chart as well as the weekly chart.
"Once a stock breaks out of the handle part of the formation, technical analysis suggests considerable upside lies ahead," Cramer explained.
As if that weren't enough, Cramer sees another catalyst.
Shares of Hewlett-Packard have advanced more than 90% year to date. "That makes it an anointed stock," he said. That is, Cramer believes pros will buy shares into year's end, if only for the sake of window dressing.
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All told, Hewlett-Packard appears to have three major tailwinds 1) fundamentals, 2) technicals and 3) window dressing. "Therefore, I have every reason to believe this stock could move substantially higher," Cramer said.
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