The investment bank cut its price target and profit expectations on tech giant Apple Thursday, trimming its price target to $124 from $136 while maintaining a "buy" rating on the stock. Analysts also lowered iPhone unit forecasts to 211 million units for 2016, down from 212 million, and revised earnings estimates to $8.39 per share from $8.40.
According to Cramer, who owns Apple in his Action Alerts PLUS Charitable Trust Portfolio, the move isn't exactly shocking.
"I've been waiting for this," said Cramer, the co-founder of TheStreet, while at the New York Stock Exchange Thursday morning. "Apple was the best-performing stock in the Dow in the month of May, and it was about time, this made a lot of sense to make the call."
According to Cramer, Goldman Sachs' previous price target and estimates on Apple were simply too high, and analysts waited until the stock rallied and the time was right to take action.
"I respect that," he said. "That was the right thing to do."
While Cramer appeared to welcome the news, the wider market did not. Apple shares were down 1.0% to $97.50 in late-morning trading on Thursday.
Beyond Goldman, Apple has been the subject of quite a bit of buzz in recent days.
Reutersreported this week that its Apple Pay has struggled to make an impact in the global payments market, failing to replicate the success it has experienced in the U.S. News also broke this week that Apple plans to issue bonds in Taiwan for the first time with the aim of raising $1 billion, which could help it secure partnerships with local suppliers.
Tesla's (TSLA) - Get Report Elon Musk has been commenting on Apple, too, saying in an interview Wednesday that he expects the company to have a car available to the public by 2020. "I think they'll make a good car and will be successful," he said.