Though brick-and-mortar retail has come under pressure of late, Jim Cramer found one related stock that could be making a comeback: Alliance Data Systems.
Alliance Data deals in private label credit cards, rewards programs, and transaction-based marketing solutions. After the stock peaked in 2015, it tumbled down 43 percent and fell as low as $177 from its $312 highs in the February of last year.
But the "Mad Money" host noticed the company making a turnaround, re-positioning itself as more of a data-driven marketing play and cutting costs across the board.
"While you might think a business that relies on retailers would be in trouble here, the company has had a lot of success expanding into all sorts of digital channels, and that's where the consumers are spending their money these days," Cramer said.
And for the first time in over a year, Cramer feels like the company has finally gotten its act together, making moves to buy back large chunks of stock and placing itself squarely in the data and analytics space.
"I think this widely misunderstood stock could have a lot more, not a little, but a lot more upside," Cramer said.