On Dec. 4 Jim Cramer told viewers to buy Best Buy Co., Inc. (NYSE:BBY) ahead of its quarter, calling the stock the holiday season’s best retail player. He again recommended buying the stock last week ahead of the company’s earnings report. “These recommendations were wrong,” he said. Cramer explained that Best Buy did exactly what he expected, beating expectations by 10 cents a share, raising its 2010 guidance and reporting a very strong same-store sales number, yet the stock fell 8.5% on the news.  The bears cited conservative margin guidance, slowing international sales and increased competition as reasons to avoid the stock. One analyst also said that the easy compares from Circuit City’s closing will shrink in 2010, and competition from Wal-Mart Stores Inc. (NYSE:WMT) and Amazon.com Inc. (NASDAQ:AMZN) are a problem. Cramer disagreed with the bears. He said the margins fell because customers are buying lower-margin products like netbook computers and entry-level TVs, not because the company is discounting merchandise to either outdo competitors or move excess inventory. Cramer also pointed to a number of new product cycles like Windows 7, the mobile Internet and energy-efficient appliances that will drive revenues. Plus, he expects a rebound in Canada should help to drive international sales. In terms of competition, Cramer said Wal-Mart has been losing share to Best Buy in consumer electronics, and Amazon only controls 2% of the online market. Best Buy controls 31%. Cramer admitted he was wrong to recommended the stock ahead of the quarter, considering the stock has sold off post-report on two of the previous quarters. However, Cramer said he’s still bullish on BBY, and he thinks the stock can reach $50 a share, which is nine points above the price it was at on his original recommendation on Dec. 2. “We’re getting a great moment to buy more,” Cramer said, “and I think you should do just that.” Get the scoop on tomorrow’s hottest trade ideas – TODAY! BeaconEquity.com PREMIER PICKS have an amazing track record. Join this select group and ride the profit wave!