NEW YORK (TheStreet) -- The current U.S. stock market climate is overvalued to some analysts and described as "too frothy" by others.

TheStreet's Jim Cramer believes that today's environment is an open challenge to all investors, especially in light of recent analysts' earnings calls.

"It's just a gauntlet ... [and] I just think the gauntlet's really hard," Cramer said on CNBC's "Halftime Report" on Tuesday afternoon. 

Providing the example of Apple (AAPL) - Get Report , Cramer pointed to BGC Partners analyst Gillis' downgrade yesterday to "sell" from "hold," the only "sell" call on the stock - with 27 "buys" and two "holds" making up the other 29 calls. Cramer also referenced J.P. Morgan's recent reiteration of its "buy" call on Apple. 

"Did you see the J.P. Morgan call yesterday? He basically said, 'I hate the stock, I hate the stock, I hate the stock, I reiterate my buy.' Doesn't cut it for me," Cramer noted.

Cramer also referenced analysts heightening expectations by saying that Alphabet's [GOOGL] earnings report is going to be good.

"No! The whole point is to say it's going to be bad! Don't heighten the expectations. I mean, this is literally like I'm waiting for someone to say it's the dream team of earnings, to really put us to bed," Cramer added.

(Apple is a holding in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells AAPL? Learn more now.)