We Get It Cramer... You Really Like Del Monte (DLM)

...but was the Milkbone absolutely necessary?

For those of you that didn't watch Mad Money last night, Cramer took a bite out of Del Monte's (NYSE: DLM) stock by literally munching down a few Milkbone brand dog treats.

Cramer believes Del Monte is an excellent play in a recession as the company is well diversified -- receiving about 55% of its sales from human food and 45% of its sales from pet foods. And with only 1 out of 7 Wall Street analysts recommending it as a Buy, Jim touts the stock as an undiscovered pearl.

Trends in the pet market are not waning much with the economy either, as Cramer points out. In the US, about 67% of households own pets and are spending about $16 billion a year on food for their furry (or scaly) friends alone.

Besides Del Monte's pet food segment, Cramer also notes that many of the company's human products "make for trade down plays" as consumer spending tightens.

From a valuation standpoint, Cramer said he likes Del Monte as it trades at the low-end of its historical trading range. The stock currently bolsters a 11x P/E multiple, but if that expands to around 14x, the stock could be trading as high as $9 per share, according to Cramer.

Despite the pundit's recommendation and a gap higher at the open, shares of Del Monte are vacillating between positive and negative territory. The stock is currently flat from yesterday's close, last trading at $7.06.

Del Monte Foods Company engages in the production, distribution, and marketing of branded food and pet products for the retail market in the United States.

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