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Jim Cramer has noticed that aerospace and defense stocks have been on fire since the Ebola-induced October lows. It is one of the groups that have been leading the market to power higher in its recent historic run.
Unfortunately the rise in aerospace and defense stocks is correlated to a rise in conflict. For instance, Cramer sees events such as the U.S. dealing with ISIS, shooting wars in Ukraine and the rise of terrorism all around the globe could mean an increase in defense spending.
"Countries across the globe are realizing that they can't rely on the United States to be the world's policeman all the time. We don't have the money or the inclination anymore," Cramer said.
That means countries need to defend themselves, which translates to more business flowing to the aerospace and defense companies.
There is one aerospace and defense play that Cramer pinned as a stock that has been quietly flying under-the-radar, and could fly higher. Orbital ATK designs, builds and delivers space, defense and aviation systems around the world.
The company is still a baby as it was created less than a month ago when Alliant Techsystems merged with Orbital Sciences, and then spun off its recreational gun business as Vista Outdoor.
And while it might be a small player now with a market cap of only $4 billion, Cramer thinks it will go much higher considering the fact that the stock is significantly cheaper than its competitors in the same space.
Orbital has a strong flight and space division, as the leading producer of solid rocket propulsion systems with a major missile defense business, and also is the first private developer of space launch vehicles. It also remains one of the world's largest manufacturers of small and medium caliber ammunition.
"Put it all together and you've got a high quality aerospace and defense business that's expecting $150 to $200 million in annual revenue synergies by late next year, along with $70-$100 million in cost savings, all thanks to the recent merger," the "Mad Money" host added.
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Cramer suspects that the reason why this stock is so cheap right now is because Orbital does not provide a lot of clarity on its near-term prospects. It trades at only 13 times earnings, while most other competitors trade around 17 times earnings.
Ultimately Cramer just can't ignore the sweet spot that aerospace and defense stocks are in right now, and he thinks Orbital is a buy at its current levels.
"Sooner or later I bet the rocket that is Orbital ATK will launch into the stratosphere."