Cramer's Dow Outlook for 2009 Company Target 2008 Close % Change Dow Point Change JPM $39.00 $31.53 19.15% 59.5 KFT $29.00 $26.85 7.41% 17.1 MCD $70.00 $62.19 11.16% 62.2 MRK $34.00 $30.40 10.59% 28.7 MSFT $21.00 $19.44 7.43% 12.4 MMM $63.00 $57.54 8.67% 43.5 Source: TheStreet.com

Kraft (NYSE: KFT) (Cramer's Take): This one has got a good yield and declining raw costs, and I believe that you will see a good turnaround in the company's fortunes. Any buyer of foodstuff commodities will benefit year over year, and Kraft almost can't help but improve.

Management has gotten religion, and I believe the yield alone -- so bountiful -- can take the stock to $29. This one has potential for more upside than that, but I don't want to go too crazy, because there are better food stocks out there, especially General Mills (NYSE: GIS) (Cramer's Take), which is very cheap given its high-quality portfolio of products.

The problem with all of these food stocks in 2009 will be a sense that we are about to see a turn in the economy, and every time we get that kind of rotation, this one will be beaten up. It deserves better, as the company is rationalizing its assets after years of frittering. It's a mac-and-cheese year.

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McDonald's (NYSE: MCD) (Cramer's Take): Another truly bright spot in the Dow, although one, again, that borrowed from its upside with a terrific end-of-the-year rally. The company performed amazingly, given that the dollar strengthened in the second half of the year. I believe the dollar will weaken throughout 2009, and raw costs should be way, way down. I believe that this stock will trade through its 2008 high of $67 and finish up at $70.

This is one of the best-managed companies in the world and I hope it will come down below $58, where I will buy it back for Action Alerts PLUS. I took a meaningful gain for the charitable trust in MCD and am anxious to make more money with this stock in 2009. This one's a gift if it goes below $55.

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Merck (NYSE: MRK) (Cramer's Take): No real growth, no real excitement, even in a growth-challenged environment for all companies. With a 5% yield representing a floor, but slow growth and continual disappointment representing a ceiling, we have still one more "mark-timer" on our hands.

I do not believe that this one gives you enough upside, especially compared with non-Dow plays Eli Lilly (NYSE: LLY) (Cramer's Take) and Bristol-Myers Squibb (NYSE: BMY) (Cramer's Take). No takeover coming here, but an acquisition or merger with another drug company might be your best help for this play. Merck has been a disappointment for a very long time, and other than a rotation into the drugs -- of which it will be among the worst performers, I believe -- I don't see it finishing much above where is closed out 2008, give or take $4. Let's give it the benefit of the doubt -- and the weak dollar -- and call it $34.

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Microsoft (NASDAQ: MSFT) (Cramer's Take): People have described this equity as a bond, and I can't disagree with that. The dividend is not big enough to attract buyers searching for yield, and the growth remains unexciting. I wish it would buy Yahoo! (NASDAQ: YHOO) (Cramer's Take) to reignite its online business. Otherwise, I don't see enough growth in its PC business to excite capital-appreciating mutual funds.

No real growth and no real value equals no real appreciation. I see it at $21 to end the year, because even though it is cheap historically, that has come to mean nothing for stocks, because without catalysts -- and I don't see one here -- it is difficult to move forward in any meaningful fashion. This is a stock to put little faith in for 2009, and one worth selling on strength.

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3M (NYSE: MMM) (Cramer's Take): Here's a rangebounder, with the high yield keeping a $50 floor but a slowing industrial business keeping a difficult ceiling. Its international business, particularly its Asia business, might keep the stock from just marking time. I like it to $63, although if China turns around, you could see a tad more tacked on. This was one of the last companies to feel the decline in worldwide growth and will be one of the first to bounce back.

Given its most recent downbeat forecast, why do I believe that it can rally at all? A weak dollar could really spur sales for this truly international corporation. We need new products out of this company, both in health care and in varieties of liquid crystal displays. For a while, it was poorly run, but that's no longer the case, so I am not ruling out some upward movement as the year progresses.

Be sure to check back all week for the rest of Jim Cramer's 2009 predictions for the Dow components:

• Cramer on BloggingStocks: Cramer bullish on the Dow for '09 -- Part I
• Cramer on BloggingStocks: Cramer bullish on the Dow for '09 -- Part II
• Cramer on BloggingStocks: Cramer bullish on the Dow for '09 -- Part III

Jim Cramer is co-founder and chairman of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. At the time of publication, Cramer was long JPMorgan Chase, Wells Fargo and General Mills.