Cramer’s rare bargain: An opportunity presented in stereo

"I think you're getting a rare bargain," Cramer said.

That's not something the "Mad Money" host says often.

But after sifting through the latest earnings and talking with CEO Dinesh Paliwal, Cramer became convinced that Harman International Industries was trading at an incredible discount.

"You might know this company as the maker of professional grade high-end audio speakers," Cramer said, "used at such prestigious events as the Super Bowl and the Grammy Awards."

But there's more to this company, much more.

"They're also are a maker of car stereos as well as automobile infotainment systems that integrate everything from navigation, to media, to safety solutions and smartphone connectivity," Cramer said.

Dzmitry Stankevich | iStock / 360 | Getty Images

It's Harman's auto unit that really excites Cramer.

"Here's just one reason. Apple recently rolled out their CarPlay system, which lets you synch up your iPhone to your car's built-in display, a much safer way to use your smartphone while you drive. But the thing is, CarPlay requires an embedded infotainment system in order to work, so it should boost demand for Harman's technology."

Also Cramer said the company's technology is truly proprietary, another bullish catalyst.

"In the not too distant future, I bet every car will come equipped with an infotainment deck, and Harman will continue to dominate the market," Cramer said.

All told, Cramer thinks Harman International is facing significant opportunities. And he believes Harman's recent earnings confirm his outlook.

"They delivered a 12-cent earnings beat off of a one dollar basis, on dramatically higher than expected revenues that rose 32% year over year, and the company also raised their guidance for the full year," Cramer said.

Despite the impressive results, shares sold off with investors booking gains of more than 30% year to date. Jim Cramer, however, is a buyer of weakness. He believes any decline will be short-lived.

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"Harman is the number one player in every business where they compete. And they raised its full-year forecast for the second time on strong demand for audio and navigation systems from European luxury carmakers."

"Considering the opportunity and given that shares trade at less than 20 times earnings despite having a 22% growth rate, I think you're getting a rare bargain," Cramer said again.

* On April 8th Cramer named Harman his favorite stock that trades between $100 - $500.

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