Missed Allergan? There's Still Syneron.

I was watching Cramer tonight on Mad Money and heard his pitch on Allergan (NYSE: AGN). I liked it, liked it a lot. These days, though, it's tough to jump on anything that Cramer talks about without having to suck the dust of the other investors that were quicker on the draw to buy up Allergan before he could get out the "Allerg-". He pitched it at $117 and at least from what Yahoo!Finance tells me, it's up over $119 now in the aftermarket. Oh well.

Now I'm not saying that the opportunity with Allergan is shot, there could well be more room left for Allergan to move - the aftermarket move was less than 2%. But at over 33x trailing 12 months EPS and projected 5-year growth of 17.5%, Allergan is a pretty pricey stock.

Too pricey for you? If so, time to get creative. The first thing that popped into my head when I heard Cramer talking was Syneron (Nasdaq: ELOS), that lovable cosmetic laser company. As I did when I revisited a few of my past stocks, I am not going to rehash everything that I wrote already on Syneron (it exacerbates my carpal tunnel), but you can still read it here. Making things easier, I still agree with the price target I came up with back then of $35. For a range I'd say $32-38.

With its $18 billion market cap to Syneron's $640 million, Allergan is certainly the larger of the two companies, but with a far lower trailing EPS multiple - 16x to Allergan's 33x - you've got a bit more of a cushion if something goes wrong. Could be an interesting alternative to buying on top of the "Cramer effect..."