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Whole Foods is back, Jim Cramer says

Whole Foods Market, once considered a great growth stock, is back, CNBC's Jim Cramer said.

"This 365 concept I think is going to be a win; it's a work in progress," Cramer said on "Squawk on the Street." "When that last quarter was reported, that was a definite uptick, but analysts chose to ignore it."

The firm's stock rose nearly 5 percent after Credit Suisse upgraded it to "buy" from "neutral." Credit Suisse also raised its price target on Whole Foods to $40 from $30.

"We see a unique opportunity to own this leading specialty food player while still in the early stages of a repositioning that should reinvigorate growth. A 50 percent drop in the stock from its peak provides an attractive entry point," the bank said in a Wednesday note to clients.

Whole Foods shares are up just 1.3 percent year to date, but have advanced nearly 13 percent over the past six months.

WFM 6-month chartSource: FactSet

Disclosures: Credit Suisse make a market in Whole Foods. Cramer's trust did not own Whole Foods stock when this story was published.