Cramer said he is impressed with PepsiCo CEO Ramon Laguarta, who he said was able to raise the company's growth rate when few thought it would be possible.
It now trades for nearly double that price, and Cramer envisions a possible PepsiCo takeover of the company.
"This is no longer the old Pepsi or Frito Lay: The company's done a remarkable job building brand equity.
It's no longer, per se, a buyback machine — It's a machine that pours money into global growth markets," Cramer said.
"Ramon Laguarta is a fantastic manager who's doing amazing things with Pepsi and Frito Lay that even bulls like me never thought possible."
Persons:
CNBC's Jim Cramer, Morgan Stanley's, Cramer, you'd, Ramon Laguarta, who's
Organizations:
PepsiCo, Pepsi, Frito