Updated from 10:18 AM EDT.
NEW YORK (TheStreet) -- Shares of Apple (AAPL) - Get Apple Inc. Report were moving lower in mid-afternoon trading on Tuesday ahead of the company's event tomorrow, where the tech giant is expected to unveil the new iPhone 7.
There is the "least amount of hype" ahead of this event, TheStreet's Jim Cramer said on CNBC's "Squawk on the Street" this morning.
"The press ahead of this is like unless you've cracked your screen, you're not going to buy it," Cramer added, referring to the iPhone 7.
Cramer also said it matters how the iPhone performs in emerging markets such as India and Brazil.
There "obviously isn't a lot of excitement about this," Cramer contended.
"I've been waiting for analysts to downgrade it," Cramer said of Apple stock in the above video, "I think they wait until after this launch and then say 'there's nothing new here,' they cut the price target. So be careful," Cramer added in the above video.
He also mentioned that something surprising related to the Apple Watch could matter because the iPhone, which is the biggest driver of earnings, is "just going to be okay."
(Apple is a core holding of Jim Cramer's charitable trust Action Alerts PLUS. See all of his holding with a free trialhere.)
Separately, TheStreet Ratings Team has a "Buy" rating with a score of B+ on the stock.
The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, expanding profit margins and notable return on equity.
The team believes its strengths outweigh the fact that the company has had lackluster performance in the stock itself.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: AAPL