Cramer Says Stay Away from the Citi (C), Head North Instead; Likes TD Bank (TD)

Cramer recently quipped that Citi (NYSE: C) has been getting tons of good press recently: valuation is strong, business is improving, fundamentals are good, a boosted dividend is in the works, and it's trading for 40 percent less than book value.

Forget all that noise, Cramer contends; just look at the bigger picture. Potential sovereign defaults in Europe stand to obliterate Citi along with peers, Cramer warns. The pundit believes the prospect is enough of an overhang to significantly reduce the positives.

For a better banking investment, Cramer suggests looking to the Great White North: TD Bank (NYSE: TD), to be specific. TD has no European exposure and is valued according to the size of its deposits, not some other arbitrary measure.

Notably, TD issued strong fourth-quarter numbers earlier on Thursday.

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