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Cramer Criticizes Goldman's Oil Call
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Goldman Sach’s bullish outlook for oil pushed crude prices higher, though Cramer on Thursday seemed to doubt such a big move off a shaky report.
“I don’t buy the call,” he said during Stop Trading!.
Goldman Sachs waved off inflation or a weaker dollar as reasons for oil’s strength, pointing instead to growing worldwide demand. Goldman put a yearend price target of $85 a barrel on the commodity and predicted a jump to $95 in 2010.
Cramer, however, thought that global demand was conditional, saying buyers won’t pay up if prices reach into the $70s and $80s. He called the report a “generic macro call” that shouldn’t have caused Thursday’s oil rally.
Goldman Sachs [GS
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] the stock still works, though. The bank has benefited as an underwriter from the recent wave of secondary offerings and is taking share in prime mortgages, Cramer said. Goldman’s ability to pay back borrowed TARP funds isn’t yet baked into the share price, either. So GS is still cheap at these levels.
Lastly, Ciena [CIEN
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] reported a “great quarter,” and that’s without any of the carrier spending Cramer expects from Verizon [VZ
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] and others.
“So there’s multiple quarters ahead that are good,” he said.
Cramer's charitable trust owns Goldman Sachs.
Call Cramer: 1-800-743-CNBC
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