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Cramer: This stock too cheap to ignore

Sometimes terrible earnings beget fantastic investment opportunities. Cramer thinks this is one of those times.

That is, the "Mad Money" host believes the decline in Google, in the days following its lackluster earnings report, presents a significant opportunity.

Of course, Cramer understands that investors may be hesitant to pull the trigger considering the catalyst. After all, both earnings and revenues fell short of analyst expectations. That's certainly doesn't seem bullish.

However, in the case of Google, Cramer says missed earnings are not nearly as bearish as they are in most other companies.

Here's why:

Monty Rakusen | Cultura | Getty Images

"Most companies provide guidance on their conference calls. Google, however, is a rare bird. It doesn't give guidance," Cramer said.

Therefore, Cramer feels Google's miss is more a reflection of the analyst community's inability to develop accurate forecasts for Google, than it is a referendum on the state of the company's business.

"Frankly, I find the analysts are pretty clueless about what Google can really earn," Cramer said.

And when the dust settles from these negative headlines, Cramer feels confident that money managers will take another look at Google, and he feels equally confident they will like what they see.

"First, they'll see a company that's spending a lot in anticipation of the future; that's something they will like. Pros want to see investment to stay ahead of the pack. That's what went wrong at Microsoft or Hewlett Packard or the old Dell."

"Second, they will note that Google has a game plan to make more money off handheld than desktop," Cramer added. That's a big deal.

Then, Cramer said pros will look at Google's growth versus its price-to-earnings ratio.

"Google is a company that is growing at about 19 percent that sells at only 17 times next year's earnings," Cramer said. That's far more attractive than most other stocks in the S&P.

All told, Cramer thinks pros will quickly view Google as 'a stock that's just too cheap to ignore' and rotate out of other holdings, so they can put money to work in Google.

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Of course, the process isn't going to happen immediately. Cramer said it's an evolution that should take hold over time.

Therefore, Cramer advocates buying the stock now, ahead of the sentiment shift.

"Now, you need to have patience," Cramer said. "You need to take a longer term view. However, if you have the time and patience, then I think weakness in Google presents a fantastic long-term investment at a great price. Some dips are just made to be bought. This is one of them."

The preceding post was from a Mad Money segment that aired on Thurs., April 17.
On Thurs., April 17, Jim Cramer owned Google on behalf of his charitable trust.

Call Cramer: 1-800-743-CNBC
Questions for Cramer? madmoney@cnbc.com
Questions, comments, suggestions for the "Mad Money" website? madcap@cnbc.com

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