NEW YORK (TheStreet) -- Apple (AAPL - Get Report) stock continues to fall, down 1.72% to $95.88 in afternoon trading on Friday, even though the company said iPhone sales are not being blocked in China. A court in Beijing ruled that the iPhone 6 and iPhone 6 Plus infringed on Chinese patents, but the company is appealing.
"It's a lower court ruling," TheStreet's Jim Cramer said on CNBC's "Squawk on the Street" this morning after receiving confirmation from the company.
Reports from the Wall Street Journal suggested the intellectual property regulator had halted sales, but sources told CNBC that the phones are still for sale in the city.
"There's no confusion, I spoke to the general counsel this morning," Cramer said in the video, above. "This phone is selling."
"It would only be Beijing" Cramer added on "Squawk on the Street," noting that the company does not expect any disruption.
The injunction is being blocked because although the court ruled against Apple, the company has already issued an appeal, according to CNBC.
"If you are going to panic on this then you need to panic on other reasons," Cramer commented.
When it comes to Apple's stock, Cramer still views the company as a good investment. But he doesn't think the stock will bottom until analysts lower their ratings, rather than just price targets and estimates.
"You need a real downgrade for the stock to bottom" and not just "soft downgrades," Cramer explained.
"I still believe that this is an inexpensive stock," he observed.
Cramer thinks the stock should bottom around the mid-$80s and will rebound when the iPhone 7 is released.
"It's a value trap," Cramer said, but investors have to make up their own minds about whether to take the risk. "I'm not going to change my mind."
(Apple is held in Jim Cramer's Action Alerts PLUS. See all of his holdings with a free trial.)
Separately, Apple has a "buy" rating and a letter grade of B at TheStreet Ratings because of the company's largely solid financial position with reasonable debt levels by most measures, notable return on equity and expanding profit margins, which offsets weak operating cash flow.
You can view the full analysis from the report here: AAPL
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 article's author.