NEW YORK (TheStreet) -- Alibaba is likely to go public sometime in late summer, according to David Faber, co-host of CNBC's "Cramer's Mad Dash" segment. 

TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, said  (JD) - Get Report, which recently held a successful IPO, is not as good as Alibaba. 

As for Alibaba's valuation, an analyst recently trimmed his estimates. Carlos Kirjner of Bernstein lowered his valuation target to $230 billion, from $250 billion. 

Although it's lower, it would still represent what many would consider a successful public debut. Cramer said Kirjner is "very good" and he understands the "core of the business and why it should be valued the way it is."

Of course, the valuation of Alibaba has a direct effect on Yahoo! (YHOO) , which owns a sizable stake in the Chinese e-commerce company. 

Yahoo! is "undervalued if he's right," Cramer concluded of Kirjner's $230 billion valuation of Alibaba.

-- Written by Bret Kenwell in Petoskey, Mich.

Follow @BretKenwell

>>Read More: Bond Investors Bite Their Nails as Greece Votes in Euro Elections

>>Read More: UnitedHealth Is Just What the Doctor Ordered for Defensive Investors

>>Read More: Boeing Wants to Be More Like Apple in Its Strategic Planning

>>Read More: Dow, Russell 2000 Market Divergence -- Warning or Opportunity?

At the time of publication, Cramer's Action Alerts PLUS had no position in companies mentioned.