General Electric was downgraded by Sanford Bernstein to a hold from a buy when it said that all of the good news was baked into the stock.
Goldman Sachs downgraded JM Smucker to a sell from a hold, as it found the valuation was stretched versus the fundamentals.
Longbow downgraded Eaton, and suggested the stock had run too far, too fast in comparison to some of its faltering divisions.
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Deutsche Bank indicated it was time to get out of chemical company Air Products, as the stock has had too big of a run.
"Here is what I say. If the dollar starts soaring again — it hasn't — and if the European recovery somehow fails a year into its comeback, and if Janet Yellen goes back on her promise to be data dependent, then I think that all of these downgrades make a ton of sense," Cramer said.
Cramer agreed that stocks have rallied and deserve a rest. And if these companies falter badly in their upcoming quarters, then that makes the stocks vulnerable.
But what happens if these things do not happen?
"I think estimates will go higher, not lower, for most of these companies when they report," Cramer said.
If interest rates stay low, then Cramer thinks both Eaton and General Electric could provide very good income. And if the consolidation in the food business continues, Cramer would not recommend selling JM Smucker.
Cramer was reluctant to stay bullish on General Electric given the incredible run it has had since last year when it was at $25. A burst to $31 is huge, considering that it is a large capitalization stock. But if CEO Jeff Immelt follows shareholder Trian's plan to bring out value, then Cramer thinks it could go to $40, especially if the dollar remains soft.
As for Facebook, Cramer acknowledged that the stock is expensive for this year's earnings. However, the stock is up only 7 percent for the year, and Cramer does not value it on near-term earnings — he thinks longer-term. He could see as much as $6 in earnings power in three years.
"Do you sell it here, now, betting you can get back in? Maybe. I just think that the risk is NOT to own it, kind of like when everyone traded out of Apple back in the '90s," Cramer said.
So, while many may be inclined to sell these stocks based on their downgrades, Cramer thinks these are chances to buy. If everything falls into place as he expects it to, it could pay off.