Skip to main content

Jim Cramer says investors who don't already own Apple (AAPL) - Get Apple Inc. Report shouldn't buy it here, but should wait instead until it pulls back some 5% to 8%.

"[Apple] has run too much," Cramer said in an exclusive monthly conference call with members of his Action Alerts PLUS club for investors. "It's at [around] $160, [but a] 5 to 8 percent pullback is when I would buy some if you didn't own any."

A retrenchment of that magnitude would take AAPL down to around $147 to $152 a share. The stock was down some 2% to $157.08 at midday Thursday.

TheStreet Recommends

The Action Alerts PLUS portfolio, which Cramer manages as a charitable trust, already owns some Apple shares, but rates the company as a "Two." That means the portfolio will only buy more on a pullback.

Want to join in on Jim's monthly conference calls? Click here for a free 14-day trial subscription to Action Alerts PLUS and hear all of the latest call, plus get e-mails before Jim makes any trade and enjoy lots of other exclusive material.

More of What's Trending on TheStreet:

Action Alerts PLUS

, which Cramer co-manages as a charitable trust, is long AAPL.