CNBC’s Jim Cramer said Monday that investors should ignore negative calls about Apple and retain their shares in the company.
“The next time you hear that mishegos from Apple, you have to recognize that you still have one more buying opportunity in what I consider to be the greatest stock ever,” he said.
His comments come after Morgan Stanley estimated that the iPhone maker’s net App Store revenue fell a record 5% last monthciting declining gaming revenue as well as inflationary and recessionary headwinds affecting discretionary spending.
Apple said in July that it expects services growth of less than 12% in the September quarter due to dollar strength and macroeconomic headwinds.
Cramer said the company’s product suite is too valuable to customers to turn away from Apple services. He acknowledged there were short-term concerns with Apple, but argued investors shouldn’t sell any of their stocks due to negative news.
“At the end of the day, Apple was a great stock to own and a terrible stock to trade,” he said.
Disclaimer: Cramer’s Charitable Trust owns shares of Apple.