CNBC’s Jim Cramer on Monday said that investors should ignore negative calls about Apple and hold onto their shares of the company.
“The next time you hear this Apple mishegoss, you need to recognize that you’re still getting one more buying opportunity in what I consider to be the greatest stock of all time,” he said.
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His comments come after Morgan Stanley estimated that the iPhone maker’s App store net revenue tumbled a record 5% last month, citing a drop in gaming revenue as well as inflationary and recessionary headwinds affecting discretionary spending.
Apple said in July that it expects less than 12% growth in services in the September quarter due to the strong dollar and macroeconomic headwinds.
Cramer said that the company’s suite of products is too valuable to customers for them to turn away from Apple services. He acknowledged that there are short-term concerns with Apple but maintained that investors shouldn’t sell any of their shares due to negative news.
“In the end, Apple has been a tremendous stock to own and a terrible stock to trade,” he said.
Disclaimer: Cramer’s Charitable Trust owns shares of Apple.