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NEW YORK (TheStreet) -- TheStreet's Jim Cramer says the doubters of Marissa Mayer and her ability to run Yahoo!  (YHOO) are many, but he points out she came in when the stock was at $15 and now it's at $42.

He also notes she bought a significant amount of stock back in the mid to high $20 range, which Cramer calls "a brilliant thing." Her first order of business was to renegotiate the deal with Alibaba  (BABA) - Get Alibaba Group Holding Ltd. Report so that Yahoo! could keep more than 100 million shares from the IPO, and Cramer says she did this because she understood Alibaba would go up a great deal.

Mayer is also making some changes to try to minimize the corporate tax gain. Cramer notes the revenues are nothing to write home about yet, but he calls Yahoo! a "cash machine" that can buy back stock and has been conservative with its money, unlike Google  (GOOGL) - Get Alphabet Inc. Class A Report with Nest or Facebook  (FB) - Get Meta Platforms Inc. Class A Report with WhatsApp.

Must Watch: Jim Cramer Says Yahoo Could Make a Big Buy, Shares Could go to $60

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

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Cramer says Yahoo is an "in transition company" and believes Mayer can go out and buy Zillow (Z) - Get Zillow Group, Inc. Class C Report , Netflix (NFLX) - Get Netflix, Inc. Report , HomeAway (AWAY) , GrubHub (GRUB) - Get Grubhub, Inc. Report or Yelp (YELP) - Get Yelp Inc Report .

Cramer does not think investors can judge Yahoo! right now, but he thinks the company's capital can push the stock to $60.

TheStreet Ratings team also likes Yahoo!, as it rates it a "buy" with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:

"We rate YAHOO INC (YHOO) a BUY. This is driven by several positive factors, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, good cash flow from operations, expanding profit margins and solid stock price performance. We feel these strengths outweigh the fact that the company has had sub par growth in net income."

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.