Patient investors might want to consider buying shares of Micron Technology as things slowly turn positive for the chipmaker, CNBC's Jim Cramer said Monday as Micron's stock pulled the semicondcutor cohort higher.
Shares of Micron mounted a long-awaited recovery in Monday's turbulent trading session after BMO Capital Markets analysts upgraded the stock to "buy" from "hold," saying that its price had gotten too low to ignore.
Cramer, host of "Mad Money," said investing in the cheap and steady Intel, the well-managed Broadcom, the recently downtrodden Advanced Micro Devices or the similarly pressured Texas Instruments were all good ways to play the turn in the chipmakers.
But Micron could also provide a solid payoff once its weakness is fully fleshed out, he said.
"Even Micron ... could be worth owning, although I do think it's got one more bad quarter before it can make the estimates," Cramer said. "But if you wait until after that happens, you might be too late, which is why I agree with BMO that the stock is worth buying right here."