Apparel maker VF Corp.'s recent earnings report may not have been a perfect quarter, but it was by no means a "lose-10-percent-of-your-value-in-a-single-day" quarter, CNBC's Jim Cramer said on Monday.
What really happened to make VF Corp.'s stock lose nearly 11 percent in a single trading day was the fact that the Vans and North Face parent reported earnings in the heart of a panic, setting off selling at any hint of weakness, he said.
"VF Corp. was a victim of great expectations," the "Mad Money" host told investors. "I think the stock is a bargain here, trading at less than 19 times next year's earnings estimates. The core of the growth story, the strength of Vans and direct-to-consumer, is still very much intact."
And the company's impending spin-offs of its underperforming denim brands, Wrangler and Lee, could unlock even more value for VF Corp., Cramer said.
"I'd be a buyer down here, as I think the stock has become a steal at these levels, certainly, and will return to excellent growth once it sheds the jeans and goes on in the rapidly expanding businesses that we like so much," he said.