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Cramer Goes Window Shopping

Even though Mad Money’s Green Week has ended, Cramer couldn’t help but call out another green stock on Monday’s show – and this one has more than one opportunity to win, in his opinion.

Apogee Enterprises is a play on the green building movement. The company makes a coating that is applied to glass in commercial buildings in order to increase energy efficiency. That might sound like a bit of a stretch, but building green is become an increasingly attractive way to save money with energy prices so high (a “green building” can save as much as 30 - 40% in energy costs). The stock also comes with a side play on terrorism security as its glass can be used for blast-proofing – several high-profile buildings in New York are already using it, as does the Clinton Presidential Library in Arkansas and the Oklahoma City Federal Building.

APOG wins because it plays to an important secular trend and isn’t tied down to a slipping economy – everyone wants to use less energy. Cramer also pointed out that the company has virtually no exposure to the residential housing market and is being helped by the largest backlog of business in its history.

After putting APOG through his rigorous fundamentals test, Cramer liked what he saw. The stock’s extremely cheap based on its multiple, he said. Even applying conservative low-ball numbers, he thinks the growth rate coupled with the multiple could make this $20 stock go as high as $37.40 for a gain of 80%.

But perhaps most importantly, Cramer noted, not a single analyst from any of Wall Street’s major brokerages covers this stock. It’s just waiting for a couple of the big banks to initiate coverage and, the way Cramer sees it, that’s more than likely considering its fundamentals and growth prospects. He recommended getting in before that happens.

One word of caution, though. APOG is a small-cap stock so Cramer reiterated the importance of buying with limit orders. Wait at least five days unless there’s a significant pullback, he said, and then consider puttting a position on in small increments.

Questions for Cramer? madmoney@cnbc.com

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