This column was originally published on RealMoney on Sept. 22 at 8:51 a.m. EDT. It's being republished as a bonus for TheStreet.com readers.

Is

Yahoo!

(YHOO)

getting too cheap?

The whole (sickening) way down to $31 for Yahoo! while

Google

(GOOG) - Get Report

has climbed to well above $300, I have watched the leveling process at work. They both now sport identical multiples on next year's earnings. Any appreciation from Google beyond here I believe will accrue to Yahoo!'s benefit. And I believe that Yahoo!, which I own for

ActionAlertsPLUS, is getting "too cheap" -- relative term, I know -- to ignore for the growth guys.

I say this because when I read about all of

the problems

that the newspapers are having, I keep coming back to the fact that they are being challenged not so much by Google on the ad side -- they are on the content side, because Google is taking mindshare away -- but by Yahoo!.

Look, Yahoo!'s never going to be cheap. It still has a giant market cap of more than $40 billion, but it is now down for the 15% for the year. That seems extreme. It's even down year-over-year.

Yahoo!'s been penalized because it didn't guide up enough when it reported and because many funds sold Yahoo! to buy Google, because at $295 for Google and $34 for Yahoo!, it was a bit of a "no-brainer," as the insiders say.

But not anymore, at least from here.

Yahoo! deserves another look.

Image placeholder title

Random musings:

People keep emailing me and asking me, "What did you say last night on "Mad Money" about so and so?" People, you can

read a big recap every single night on

TheStreet.com

for free! It's all there! Or look for the "Jim Cramer's Wrap-up" box on the

RealMoney

home page.

P.S. from TheStreet.com Editor-in-Chief, Dave Morrow:

It's always been my opinion that it pays to have more -- not fewer -- expert market views and analyses when you're making investing or trading decisions. That's why I recommend you take advantage of our

free trial offer

to TheStreet.com

RealMoney

premium Web site, where you'll get in-depth commentary

and

money-making strategies from over 50 Wall Street pros, including Jim Cramer. Take my advice --

try it now.

At the time of publication, Cramer was long Yahoo!.

James J. Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. Outside contributing columnists for TheStreet.com and RealMoney.com, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made. To see his personal portfolio and find out what trades Cramer will make before he makes them, sign up for

ActionAlertsPLUS. While he cannot provide personalized investment advice or recommendations, he invites you to send comments on his column by

clicking here. Listen to Cramer's RealMoney Radio show on your computer; just click

here. Watch Cramer on "Mad Money" at 6 p.m. ET weeknights on CNBC. Click

here to order Cramer's latest book, "Real Money: Sane Investing in an Insane World," click

here to get his second book, "You Got Screwed!" and click

here to order Cramer's autobiography, "Confessions of a Street Addict." Cramer appreciates your feedback and invites you to send him an email by

clicking here

.