CNBC's Jim Cramer has been waiting for the stock of JM Smucker to find a bottom for months, and though it looks like it finally has, he wasn't too eager.
"Here's the problem: this is not Smucker's first attempted comeback since the stock's sickening decline began over a year ago," the "Mad Money" host said. "We've seen this thing try to turn around before, and every time, the rebound has fizzled and the stock has ended up going still lower."
But Cramer acknowledged that this time could be different. For one, this comeback has lasted longer than Smucker's other comebacks; the stock is now up almost 19 percent from its November lows.
Better yet, shares of Smucker are trading at only 15 times next year's earnings estimates, fairly cheap, and Wall Street has started warming up to consumer foods stocks again as food deflation abates.
Still, "one good quarter does not necessarily make a turnaround," Cramer said. "I'd like to see a second strong quarter in a row … before I recommend Smucker wholeheartedly. But if you want to dip your toe in and start a small position right here, I'm going to give you my blessing. You know why? Because in the end, this is a very high-quality company run by a family that has historically generated better returns than the others in its sector."