Daily Journal is a "buy"

The stock pickers at TheStreet.com - a financial news site started by Jim Cramer - recommend its readers buy stock in the Los Angeles Daily Journal.

Here's the skinny:

The big risks for this company aren't in its business, but its stock. Daily Journal has a float around 1.4 million shares and daily trading volume under 1,000. That means the stock is extremely illiquid. But its price tag is attractive. The shares are significantly cheaper than those of media peers based on trailing earnings, projected earnings, book value and sales. This is a true under-the-radar pick as Daily Journal is an unknown on Wall Street. We rate Daily Journal "buy."

Is this another sign that "niche" publications are the future? Maybe.

The legal journal does have a stable subscription base is able to charge high subscription rates because of its strong journalism and specialized content. The paper also saw a surge legal ads from a surge in foreclosure notices. Of course, the trade off is that the content is off limits to most readers because of the steep pay walls.