NEW YORK (TheStreet) -- Shares of Apple (AAPL) were slightly higher in mid-morning trading on Monday, despite Oppenheimer releasing a note this morning that said the tech company "lacks the courage to lead the next generation of innovation." The stock will "generally underperform the market" in the next 10 years, the firm said.
"I have trouble writing Apple off, particularly if you get a repatriation bill, which it sounds like we're going to get," TheStreet's Jim Cramer said on CNBC's "Squawk on the Street" this morning. "Maybe you wait until that happens."
Apple has an R&D budget so it's a "moving target," rather than a "static target," Cramer noted. The new iPhone 7 smartphones that came out in September were originally written off, but ended up being a hit.
"How does the firm know?" Cramer asked.
You could have said the same thing about Nvidia (NVDA) until it came out with chips that work for Artificial Intelligence machine learning, he noted.
"We don't really know what Apple is working on," he said. Apple CEO Tim Cook doesn't come into work and say "We're kind of done."
Snap, parent company of messaging app Snapchat, has been releasing its video-recording glasses called Spectacles in different cities this past week, proving that there's still "a lot of excitement going on in technology," Cramer claimed. "It's important not to keep your head in the sand about this."
(Apple is held in Jim Cramer's charitable trust Action Alerts PLUS. See all of his holding with a free trial here.)