Cramer's 'Mad Money' Recap: Aug. 27

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"It's time to buy J. Crew (JCG Quote)," Jim Cramer told viewers of his "Mad Money" TV show Wednesday.

Cramer made his recommendation despite the retailer's botched quarter and an abysmal stock performance this year. The stock is down 46% since December.

Cramer said that while J.Crew has been on a one-way ticket lower all year, he feels that now is the time to invest. He put a $35 price target on the stock one year from today.

While the overall retail environment remains bad, with slowing store traffic, Cramer said only Urban Outfitters (URBN Quote), TJ Maxx (TJX Quote) and J. Crew have the ability to buck the trend and head higher.

Cramer said he believes J. Crew's recent earnings miss was due in large part to problems with the company's Website. With the overhaul of the Website nearing completion, Cramer said the retailer should regain its footing.

Cramer put his support behind CEO Mickey Drexler, a man who Cramer says turned around Gap Stores (GPS Quote), and founded Old Navy.

While many CEOs in retail are "one-hit wonders," Cramer said Drexler is a standout. He said the time to invest with Drexler is when he's out of favor, which he is right now with the stock of J. Crew cut almost in half since December.

Cramer said J. Crew may still go lower from here, but feels the momentum will swing upward once the 12 analysts who currently rate the company as a hold begin to see the light and upgrade the stock.

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