Shares of Apple (AAPL) - Get Report fell 6.4% in Wednesday morning trading after the company reported second quarter earnings below analysts' expectation.

"They had a steroidal bubble in the [iPhone] 6, and they didn't even know it themselves," said Jim Cramer, founder of TheStreet and manager of the Action Alerts PLUS portfolio, which owns AAPL. "I think a lot of people are attributing negative things to Tim Cook. They had an unbelievable, killer product, it was bought, and now people have kind of bought it. That's why China's come back down."

Apple earned $1.90 per share on revenues of $50.6 billion, while analysts predicted earnings of $2 per share and revenues of $51.97 billion. The company traded down about 6% to $98.02 per share in afternoon trading Wednesday.

Even more disappointing was guidance for this quarter. Analysts had expected third quarter revenue guidance of $47.4 billion, but the company projects revenue between $41 billion and $43 billion.

One bright spot was iPhone sales. Apple sold 51.19 million units in the second quarter, while analysts expected 50 million. However, those numbers still represent a 16% drop in units and an 18% drop in revenue year-over-year.

Apple CEO Tim Cook blamed the earnings miss on stagnation in the smartphone market.

That lack of growth is due to "an overhang of the macroeconomic environment in many different places in the world," he told analysts on the conference call. "And we're very optimistic that this too shall pass and that the market and particularly us will grow again."

Several analysts lowered their price targets on Apple shares following the report.

Goldman Sachs' Simona Jankowski, for example, reiterated her Buy rating but lowered her price target to $136 from $155. "We expect the shares to be weak in the near term, until the market gets comfortable around improving trends with the iPhone 7 product cycle," she wrote in a note. "That said, we do not view the quarter as thesis-changing longer term."

Barclays' Mark Moskowitz, who lowered his target to $121 from $131, echoed Jankowski's cautious optimism.

"We expect shares of Apple to be under pressure near term," he wrote. "The silver lining is any near-term downdraft in Apple's stock could grab the attention of large long-only funds that trimmed positions in late 2015, early 2016."

Deutsche Bank's Sherri Scribner, who maintained her Hold rating and $105 price target, believes Apple stock is fairly valued.

"We continue to see shares as fairly valuing the long-term headwinds to growth, balanced by potential benefits from a growing Services mix," she wrote.

Cramer hopes the analysts become more pessimistic and drive down the stock price.

"I think that Apple is going to have a very good iPhone 7," he said. "I think that the balance sheet's great. I think it's unexciting right now. I know that we would have done much better had we gotten a lot of it. We need people to downgrade it to really create a level of pessimism that's unbelievable."

"There's no enthusiasm for the stock, and that's good," Cramer added. "But we need to see more downgrades, we need to see the negative case built, we need to see the new numbers built in so that when they actually report, you actually might get a bit of surprise."