This is a stock to own, not to trade, TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, reiterated on CNBC's "Stop Trading" segment. Apple is a core AAP holding.
Bank of America did a study that found the iPhone 7 will likely exceed the iPhone 6 in sales, Cramer noted, while also pointing out that noted Bernstein analyst Toni Sacconaghi believes the average selling price will be good.
According to these two, margins will be good and sales will be high. So it's no wonder Apple's stock is rallying. It helps that Samsung (SSNLF) has badly botched the recall of the Galaxy Note 7, Cramer added.
"This stock still goes higher," he concluded.
At the time of publication, Cramer's Action Alerts PLUS had a position in AAPL.