Jim Cramer on Apple: Earlier today, we posted this piece discussing why analysts are over-pessimistic about Apple Inc. (NASDAQ:AAPL). While we talked about some of the finer details of where the company stands and what the future holds, Jim Cramer, in a recent CNBC segment, took things a bit further.
In true Cramer fashion, he doesn’t need anybody to keep him going. Instead, he gets rolling, talking about Apple Inc. (NASDAQ:AAPL) downgrades, and there is no stopping him.
He gets started by briefly discussing that stocks bottom out just the same way they top out. From there, he dives in and begins to discuss the Cupertino-based company in great detail. Here is what he had to say about Apple Inc. (NASDAQ:AAPL):
“Just as it received ever more love on the way up, it is receiving more and more hate as it goes down. Today’s move by Goldman Sachs, taking Apple from a conviction buy to a regular buy, is typical of the process.”
While many people wonder why Goldman Sachs made this change, Cramer does not appear as worried. Instead, this is something, as he notes, is typical of the way things typically go for companies in this position:
“There is nothing in the downgrade we haven’t heard from any others.”
While this statement is true, Cramer goes on to explain, “I am not saying the stock has bottomed yet.”
To close out the segment, he added the following information:
“The bad news is that there are still some 60 firms that follow Apple Inc. (NASDAQ:AAPL). Five or six of them are still recommending it, and that means we have plenty more downgrades to come.” All in all, not much has changed at Apple. As Cramer noted, this is just another downgrade and there are sure to be a few more to follow.
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Related tickers: Apple Inc. (NASDAQ:AAPL)
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