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After obliterating Wall Street's expectations, Walt Disney stock is a must, CNBC's Jim Cramer said Wednesday.
Cramer made his remarks a day after the media and entertainment giant blew past analysts' forecasts, posting earnings of $1.27 per share on $13.39 billion revenue. The Street expected the company to post earnings of $1.07 per share on $12.87 billion revenue, according to a consensus estimate from Thompson Reuters.
Disney shares on Wednesday morning, broke through its previous intraday high (on a split-adjusted basis) of $96.43 reached on Jan. 13. By midday, it was trading at $101.63. (Click here for the latest.) In the past three years, DIS is up 152 percent, while the Dow is up 37 percent.
Disney's outlook for the rest of the year also looks promising. "They've got a lot of new Pixar things coming up," Cramer said, adding that the company was being underestimated by many analysts for several reasons.
"You had all of these 'really smart' hedge-fund guys putting a gigantic short on Disney [because of the rising dollar]," Cramer said. "It was one of the great short spoils ever."
Cramer also compared the company to fellow Dow constituent Procter & Gamble. "Disney is [Procter & Gamble] during their heyday. [They] have 11 billion-dollar franchises, [and] they keep adding to them. This is the way Procter was when [they] were the great American company before it lost its growth."
Disclosure: Jim Cramer's charitable trust does not own Disney stock.