Cramer Quick Take: Don't Overpay for Food Stocks
NEW YORK (TheStreet) -- Should investors follow Warren Buffett's lead and pile into the food stocks? Jim Cramer told Debra Borchardt at TheStreet.com Monday that would be a sucker's bet because food stocks are already wildly expensive.
Cramer said Buffett loves brands and was probably right to buy into HJ Heinz (HNZ) , but that doesn't mean investors should assume others lincluding Campbell Soup (CPB) , General Mills (GIS) or Kelloggs (K) are great buys. He said Kelloggs in particular is wildly expensive and offers little upside from here.
Food stocks are defensive names, Cramer continued, so they're not likely to go down much. However, they will cost investors time as they merely mark time and don't head any higher.Cramer said he'd rather be in the banking sector or housing, both of which has a lot of room to grow.
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-- Written by Scott Rutt in Washington.
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