This Stock Is a 'Gift' At Current Levels

“There’s nothing better than a misunderstood stock,” Cramer said Friday. That’s because when great growth stocks get hit for the wrong reasons, it presents a fantastic buying opportunity.

It happened with Fossil in February. The stock was knocked down 11 percent because the market didn’t like what the company had to say about spending more money to invest in its business.

“You now have a 43 percent gain if you snapped up that little misconception,” Cramer said.

You also could have snagged Netflix for under $100 last summer after the market misinterpreted its results.

Now, the “Mad Money” host said, the next great misunderstood opportunity is here in the form of Decker Outdoors . The footwear company, most famous for its UGG boots, reported in late April that it beat on earnings and on revenues, as well. It also issued what seemed like downside guidance for next quarter, forecasting a 25 cent loss when the analysts were looking for a 5 cent gain. What’s more, it reported inventory was up 56 percent. Deckers got slammed, giving up nearly 10 points the next day. The stock has recovered a bit since then, but is still well below where it was before it reported.

But it turns out, Cramer said, that Deckers’ disappointment wasn’t that disappointing at all. So what happened?

At the beginning of the year, Deckers decided to change its distribution model in the UK, Belgium, Netherlands and Luxembourg. Essentially, Deckers will be delivering its products directly to retailers in the region instead of the products being shipped factory direct. That means the company’s pre-booked fall product shipments will move from the second quarter to the third quarter and fall reorders will shift from the third to the fourth quarter. So DECK didn’t lose any sales, they just got pushed back to later in the year. That’s why, Cramer explained, the company didn’t change its full year outlook.

The inventory surge to 56 percent also has to do with the distribution model change, as well building in anticipation of wholesale order growth, retail store expansion and e-commerce expansion. Cramer said this too is nothing to worry about. Deckers has a fabulous management team and if they think they need the inventory, he believes them.

“Deckers remains the same turbo-charged growth stock that I’ve been behind for ages,” Cramer said. He suggests snapping up this stock before the discount vanishes, and predicts a spectacular move higher by the time the company reports in late-July.

Call Cramer: 1-800-743-CNBC

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