Hewlett-Packard Inc. (HPQ) - Get Report jumped higher on Friday thanks to better-than-expected earnings. HP stock continued higher Monday, adding another 6% and climbing to $23.46.

It was a "fabulous" quarter that HP reported, TheStreet's Jim Cramer said on CNBC's "Mad Dash" segment. He also pointed out that the stock received an upgrade to outperform from neutral at JPMorgan.

The analyst is using a $28 price target, which implies about 20% upside from current levels. He argues that HP stock looks cheap from a valuation perspective, particularly with several tailwinds in its business and following U.S. tax reform.

While HP stock may have more upside, Cramer dug through the conference call to find some additional bullish nuggets of wisdom for other investors.

Last fall, HP management was hoping that DRAM prices would start to lose momentum. However, that is not the case and management now expects DRAM prices to remain stable for the remainder of 2018.

That's a big turnabout from where they stood just a few months ago, Cramer reasoned, contending that HP Inc. has perhaps the best management team when it comes to the PC market -- behind only Action Alerts Plus holding Apple Inc. (AAPL) - Get Report .

So what companies benefit from stable and rising DRAM prices? Namely Micron (MU) - Get Report , said Cramer, who also manages the Action Alerts PLUS charitable trust portfolio.

Micron trades at about 5 times earnings and is one of, if not the cheapest stock in the S&P 500. "You basically have the greenlight to buy this stock," Cramer concluded, adding that Lam Research (LRCX) - Get Report looks as if it could be a buy as well.

Micron closed up 3.12% to $47.98, while Lam Research ended Monday at $198.43, up 2.76%.

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