Jim Cramer Rejects Illumina As 'It's Not Well-Run,' Recommends Buying This Tech Stock 'Right Here, Right Now'

Author: Avi Kapoor | April 30, 2024 09:13am

On CNBC's Mad Money Lightning Round,” Jim Cramer said Dynatrace, Inc. (NYSE:DT) is “very expensive” stock, and he is not going to recommend it.

On April 19, TD Cowen analyst Andrew Sherman maintained Dynatrace with a Buy and lowered the price target from $62 to $58.

Canopy Growth Corporation (NASDAQ:CGC) is the “best of the pot stocks,” Cramer said, “We don't think it's worth all that much, but we do think it's the best of that lot.”

On April 18, Canopy Growth announced that CBI exchanged 17,149,925 common shares in the capital of the company for exchangeable shares for no consideration

When asked about BrightSpring Health Services, Inc. (NASDAQ:BTSG), he said, “That short position is too big for me to just say, ‘I'd buy that stock.' Someone may know something that I don't.”

BrightSpring Health Services is projected to release its first quarter 2024 financial results on Thursday, May 2.

Illumina, Inc. (NASDAQ:ILMN) is a “good company, but it's not well-run,” Cramer said, “I don't want to own a company that's poorly-run because then the stock gets hurt.”

Illumina is expected to issue results for the first quarter 2024 after the closing bell on Thursday, May 2.

The “Mad Money” host said Bank of America Corporation (NASDAQ:BAC) is not his favorite of the big banks. “I do prefer other banks,” he added.

Bank of America reported better-than-expected earnings for its first quarter on April 16.

Cramer recommended buying Palo Alto Networks, Inc. (NASDAQ:PANW). “I would be a buyer of Palo Alto right here, right now,” he said.

On April 18, Keybanc analyst Michael Turits maintained Palo Alto with an Overweight and lowered the price target from $380 to $355.

Price Action:

• Canopy Growth shares fell 6.6% to settle at $8.32 on Monday.
• Illumina shares rose 2% to close at $124.73 on Monday.
• Bank of America shares fell 0.7% to settle at $37.55 on Monday.
• Dynatrace shares fell 1.3% to settle at $46.51 during Monday's session.
• BrightSpring Health Services shares gained 3.1% to close at $10.91 on Monday.
• Palo Alto Networks shares rose 0.7% to settle at $293.41 during Monday's session.

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Posted In: BAC BTSG CGC DT ILMN PANW