Jim Cramer Skips IREN: ‘The Only One That I Trust’ Is a Different Neocloud

On CNBC’s “Mad Money Lightning Round,” Jim Cramer recommended holding on to Element Solutions Inc (NYSE:ESI). Barclays analyst Aleksey Yefremov, on Tuesday, initiated coverage on Element Solutions with an Overweight rating and announced a price target of $53. Cramer recommended buying MasTec, Inc. (NYSE:MTZ). Stifel analyst Brian Brophy maintained MasTec with a Buy on Oct. 8 and lowered the price target from $376 to $305. When asked about IREN Limited (NASDAQ:IREN), he said, “If you want to be in that business of the neocloud, the only one that I trust and want to be in is CoreWeave (NASDAQ:CRWV).” IREN has reportedly entered a multi-year cloud compute deal with Anthropic. Cramer said Waste Management, Inc. (NYSE:WM) is a better company than Waste Connections, Inc. (NYSE:WCN). Morgan Stanley analyst Toni Kaplan maintained an Overweight rating on Waste Connections on Tuesday and lowered the price target from $205 to $195. When asked about SailPoint, Inc. (NASDAQ:SAIL), he said, “This was supposed to be the Achilles heel of enterprise software and yet it has hung in. I don’t like the company, but I got to tell you all the things that said, ‘it was going to go bankrupt, or it was in some really big trouble.’ Those were just talk.” Cantor Fitzgerald analyst Jonathan Ruykhaver maintained an Overweight rating on SailPoint on Oct. 9 and raised the price target from $25 to $27. Cramer said he doesn’t want to own Starwood Property Trust, Inc. (NYSE:STWD). Starwood Property Trust said it will release its third-quarter financial results before the opening bell on Friday, Nov. 6. Cramer recommended buying Penguin Solutions, Inc. (NASDAQ:PENG). “I kind of like Penguin Solutions. I know it’s kind of a meme stock, but I have to tell you, it’s got real business,” he added. On Oct. 6, Penguin Solutions reported better-than-expected fourth-quarter results and issued FY27 EPS guidance above estimates. The company appointed Stephen Cumming as CFO. Price Action: Waste Connections shares fell 0.03% to settle at $153.67 on Tuesday. Element Solutions shares gained 2.1% to close at $37.20 during the session. SailPoint fell 1% to settle at $19.37 on Tuesday. IREN shares closed at $34.80 during the session. Starwood Property Trust shares fell 0.3% to settle at $12.48. Penguin Solutions shares fell 1.2% to close at $78.20 on Tuesday. MasTec shares fell 0.4% to settle at $206.12. Photo via Shutterstock