James Altucher tells Jim Cramer that Time Warner (TWX) is worth $25

On an online video on TheStreet.com this morning, James Altucher, founder of Stockpickr.com, and Jim Cramer reviewed Time Warner Inc. (NYSE: TWX). What was funny was that this brief two-minute discussion was filmed outdoors and had sort of a "Candid Camera" on-the-street feel. Plus, it was really made up of Cramer asking Altucher what he thought rather than the other way around.

Cramer was less enthusiastic on Time Warner than he had been in the past, but Altucher said at today's lower stock price, it is seems cheap. Altucher discussed the AOL ad growth model not being as great as originally hoped, but noted that AOL on a standalone basis could be worth $30 billion.

Cramer said Wall Street wasn't happy, but Altucher said the stock purchase by Time Warner CEO Richard Parsons last week was a solid vote. As far as the buyback, TWX bought back enough stock that it was like buying an entire AOL. On cable subscriber growth, it sounded a lot like Altucher thought there could be some organic subscriber growth left. To top it off, Altucher said $25 could be a target and that 2008 and 2009 could be great years.

We'll see if this comes to pass and if AOL turns into a standalone company. Recently I laid out a path that I think the company can take to make it a quasi-standalone company again. Frankly it would be ludicrous to pick this apart after such an ugly day in the market yesterday and with such a large gap down this morning.

The good news is that if you are into buying strong companies on weak days, Time Warner may be worth a look. It was down less than the market overall yesterday and shares are still above the post-earnings lows of last week.

Jon Ogg can be reached at jonogg@247wallst.com; he does not own securities in the companies he covers.