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Cramer: New media giant of tomorrow?

(Click for video linked to a searchable transcript of this Mad Money segment)

Cramer is always looking for the next big winner. And new developments suggest this Internet company could be it.

"Yelp's the thing," Cramer said.

That is, the "Mad Money" host believes that Yelp is among the best leveraged to benefit from the rapidly growing trend of mobile Internet.

"The transition from the desktop to mobile has been painful for a vast majority of Internet companies including Facebook," Cramer noted. But not for Yelp.

If you're not familiar with Yelp it's a site that aggregates all kinds of reviews from 'real people' on a wide range of topics such as restaurants, shopping and more.

Yelp then tries to get businesses "to advertise their wares so you can find them easily or order from them after you read a user review," Cramer explained.

Mike Kemp | Brand X Pictures | Getty Images

As you might imagine, when a traveler is attempting to determine where to eat dinner or where to purchase clothing or similar, these reviews are extremely valuable.

And Yelp makes the information very convenient for anyone searching for the information on a smartphone.

People are catching on. The company said its mobile apps were used on 11.2 million mobile devices on average in the previous quarter.

"It's a remarkable business model," Cramer said.

The Mad Money host is hardly the only investor impressed with Yelp's prospects. JPMorgan boosted its price target on the stock to $89 from $75 this week citing the pace of innovation at the company.

Cramer sees Yelp as kind of the Yellow Pages of tomorrow. "At one point you just had to be in the Yellow Pages if you were going to grow your business," Cramer said. Going forward, Cramer thinks businesses will 'just have to be in Yelp.'

Of course the question for investors becomes how should Yelp be valued? The valuation has been called into question for quite some time with skeptics arguing the premium is already too high versus conventional metrics such as revenues.

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Cramer, however, sees the stock a little differently. Rather than value Yelp on earnings Cramer thinks share price should reflect the size of the opportunity. "And I think the opportunity to be the Yellow Pages to the world is worth more than the $5 billion Yelp is valued at now," Cramer said.

Now make no mistake, "This stock is not for the squeamish," Cramer addded. "A stock that can go up seven can go down seven. However, over the long-term, the trajectory of this stock looks pretty clear to me."

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