The stock of Goldman Sachs is still valuable and a good investment, says investment commentator Jim Cramer.

The stock remains a cheap buy despite the investment bank’s second-quarter profits plunging by 82 percent, he said on CNBC.

“This stock’s too cheap on a book-value basis and it’s going to go higher,” he said. Goldman shares were at $148.28 in late Wednesday trading.

Goldman was still able to generate solid results “in this environment, where there is no money to be made,” Cramer said.

“This is the Goldman that I know. This is the Goldman that makes money out of stone,” he said.

Goldman has the potential to rebound in earnings when business picks up, Cramer said.

Some investors believe this period is a “trough” for the bank and are waiting for other analysts to recommend Goldman.

Citigroup also recommended in a research note that its clients buy shares of Goldman. Citi said the bank will bounce back on its profits during the next 24 months by producing 13 percent compounded annual growth in tangible book value per share.

A sluggish recovery also contributed to Goldman’s weak earnings when investors pulled out of the market, Bloomberg reported.

“It was a pretty slow quarter. In the first quarter, they made a lot of money on the trading side of things, and this quarter, they did not,” said Benjamin Wallace, an analyst at Grimes & Co. in Westborough, Mass. which manages $800 million.