Jim Cramer's 'Mad Money' Recap: Apple Is a Bargain

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NEW YORK (TheStreet) -- Are there bargains still to be had in this red-hot market? Jim Cramer asked his "Mad Money" viewers Monday.

He said there is one stock that's not up for the year, one that yields 2.3% and trades at just 12 times earnings despite a remarkable growth rate. That's the stock of Apple , a stock Cramer owns for his charitable trust, Action Alerts PLUS.

Cramer said Apple just received an analyst upgrade today, one that made a remarkable amount of sense. That upgrade cited higher iPhone sales, higher gross margins and some signs of Android weakness as the main drivers for Apple, but Cramer said there's a lot more to like about Apple.

Cramer noted that Apple has a big catalyst coming with its expected iPad announcement tomorrow. That announcement should put the company in a position to have a strong holiday season.

Additionally, Cramer said Apple's board has a lot of options it could take before the company's next earnings call on Oct 28. He said if Apple really wanted to turbocharge its share growth, it could split the stock 4:1 and increase the dividend. Both those moves would make Apple shares more attractive to retail investors and less of a target for the shorts, he said.

With all of these things going right, Cramer said there's simply a lot more to like about Apple than there is to dislike at current levels.

Executive Decision: David Cote

In the "Executive Decision" segment, Cramer sat down with David Cote, chairman and CEO of Honeywell , an Action Alerts PLUS holding that's up 41% since Cramer last spoke with Cote in November. Honeywell just posted an earnings beat of 1 cent a share but lowered its full-year revenue forecasts.

Cote said Honeywell did exactly what it said it would this quarter. He noted the sales miss stemmed from the timing of a big acquisition closing and a slowdown in defense spending related to the government shutdown and sequester. There's no cause for concern because growth overall remains on track, he added.