Jim Cramer says this lagging restaurant stock could help kickstart the Dow

McDonald's (MCD) returning to its winning ways would be a much-needed development for the Dow Jones Industrial Average, CNBC's Jim Cramer said Thursday, particularly in September, a historically weak month on Wall Street.

Since the start of July, McDonald's has been among the worst-performing members of the 30-stock blue-chip Dow, down more than 7% entering Thursday's session. But, on Thursday, shares of the fast-food giant rose roughly 1%, on pace to snap a four-day skid. The advance comes after Wells Fargo upgraded McDonald's to a buy-equivalent rating, saying the company's "innovation engine is firing on all cylinders." The analysts kept their $310-per-share price target, a 12.5% premium to Wednesday's close of $275.44.

McDonald's YTD performance

"I think that this could matter," Cramer said on "Squawk on the Street," referring to Wells Fargo's bullish call. "It's a stock to watch because, if you can get a little momentum in the Dow, maybe it can separate some from the Nasdaq. It's happened before in September."

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Cramer acknowledged there could be some general pressure on U.S. consumer discretionary spending, such as meals at restaurants, amid a rise in gasoline prices, but suggested McDonald's stock may be more insulated than well-performing peers due to its recent underperformance. McDonald's all-time closing high of $298.41 per share came on June 30.

"These are very international companies that people love, and if they've done nothing, I don't think they're going to get hurt by that. If they've done something, yes, they could get hurt," he said.

Cramer's Charitable Trust, the portfolio used by the CNBC Investing Club, does not own McDonald's. Its lone restaurant stock is Starbucks (SBUX).

Here's a full list of the stocks in Jim's Charitable Trust, the portfolio used by the CNBC Investing Club.