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Compelling Valuation

It's not the only reason to buy a stock, but in this case, it's helping trigger the action.
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URS shares are down again this morning, trading around $39.10, and I am going to add 300 shares to my position here.

I may sound like a broken record on this, but this market has created some great buying opportunities in the engineering and construction space. URS specifically should see a strong financial benefit from rapid growth in the retrofitting of scrubbers to coal-fired power plants as mandated by pollution regulations. But shares are changing hands at a mere 18 times the Street's 2006 earnings estimates, a compelling valuation for what I believe will be 15%-plus earnings growth in 2007 and beyond.

I will have 3,500 shares of URS after this purchase, or about 4% of my portfolio.

Regards,

James J. Cramer

DISCLOSURE: At the time of publication, Cramer was long URS.

Send email to james.cramer@thestreet.com.