CNBC̵[ads1]7;s Jim Cramer said Monday that investors should ignore negative talk about Apple and hold onto shares of the company.
“The next time you hear this Apple mishegoss, realize that you’re still getting another buying opportunity in what I consider to be the best stock of all time,” he said.
His comments come after Morgan Stanley estimated the iPhone maker’s App Store net revenue fell 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 expected less than 12% growth in services in the September quarter due to a strong dollar and macroeconomic headwinds.
Cramer said the company’s product line is too valuable to customers to turn away from Apple services. He acknowledged that there are short-term concerns with Apple, but argued that investors should not sell any of their shares because of negative news.
“Ultimately, Apple has been a tremendous stock to own and a terrible stock to trade,” he said.
Disclaimer: Cramer’s Charitable Trust owns stock in Apple.