NEW YORK (TheStreet) -- Apple
(AAPL) soured investors' hopes of a positive start to 2014, falling in Thursday's trading session. However, TheStreet's Jim Cramer has some advice for those who are unsure of what to do after Wells Fargo downgraded Apple to hold from buy citing valuation.
Apple is a holding in Cramer's Action Alerts PLUS charitable trust and he disagreed with Wells Fargo. He said this type of call on Apple haunted investors throughout 2013. He noted all the points Wells Fargo made at the beginning of its report were "basically positive."
AAPL appears to have had a terrific holiday season and there is nothing that indicates margin pressures exist from telecom carriers, so long as Sprint (S) continues to boost its prices, he said.
So what should investors make of Thursday's move lower in AAPL's share price?
According to Cramer, investors should use the weakness to buy the stock, currently down 1.4% at $553.46. Trading at just 12 times earnings, AAPL is a name they want to add.-- Written by Bret Kenwell in Petoskey, Mich. Follow @BretKenwell