Shares of Apple (AAPL - Get Report) are up roughly 1% Tuesday after analysts at Cowen called the stock a buy.

While Apple is a holding in Jim Cramer's Action Alerts PLUS portfolio, there was something in the report the co-manager does not like: forecasts for an upcoming iPhone "super cycle."

"Don't believe the super cycle hype. Ever," Cramer said on CNBC's "Mad Dash" segment. The analysts outline that 2017 is setting up for a mega-year for the iPhone

But Cramer said the term "super cycle" tends to lead to too much enthusiasm. Examples? Think of housing in 2007, coal in 2011 and fracking sand in 2012. All were simply too bullish, he said. 

"I like Apple," he said, and the stock will likely go up because this report is so bullish. While shares are attractively priced and the balance sheet is strong, Cramer's trying not to get too caught up in the bullish hoopla.

At the time of publication, Cramer's Action Alerts PLUS had a long position in AAPL.