"Monster, which a lot of people have been saying has lost its edge, … they have a lot of cash on hand because of this Coca-Cola deal," Cramer said on "Squawk on the Street." "A lot of people felt that this deal with Monster, where they take over the European distribution is not working well enough. I say that's wrong."
"This stock can go back to [last year's highs] without a problem," he said.
Monster shares popped nearly 13 percent Friday, after reporting better-than-expected quarterly results.
The firm posted adjusted earnings per share of 80 cents, on $680 million in revenue. Analysts polled by Reuters expected it to report earnings of 74 cents on revenue of $657 million.
Monster also said it is buying up to $2 billion of stock in May through a Dutch tender offer.
Disclosure: Cramer's trust did not own Monster or Coca-Cola shares when this article was published.