Cramer Sees These Three Growth Names Continuing Higher Amid Scrutiny (GPRO) (FIT) (AMBA)

Ambarella (Nasdaq: AMBA), FitBit (NYSE: FIT), and GoPro (Nasdaq: GPRO) are on watch Thursday morning following a positive mention by stock sage Jim Cramer.

Wednesday night, Cramer said the three stocks would be headed higher as the market is currently favoring growth companies.

Cramer noted that GoPro trades a rich at 31 times expected earnings. The bull and bear case largely center on market position and whether competitors will be able to design an equivalent-quality camera coon. GoPro also has growth potential in its effort to establish a media ecosystem.

GoPro's revenue recently rose 71 percent over last year, while earnings more than tripled in the same period.

Ambarella is related to GPRO in that it produces chips for the cameramaker, as well as drone producers. Ambarella goes for 35 times earnings, but it still cheap with revenue rising 73.5 percent and earnings more than doubling in the recent quarter.

Finally, Cramer thinks that FitBit, even at 61 times earnings, is cheap. He noted that FitBit's offerings serve a completely different purpose versus Apple's (Nasdaq: AAPL) Apple Watch and that the company also has a strong ecosystem. He'd buy into any weakness ahead of the company's upcoming quarterly report.

All three stocks are indicated higher ahead of Thursday's opening bell.

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