Shares of Apple (AAPL) have been stuck around $110 and aren't getting any help Tuesday after UBS analyst and Managing Director Steve Milunovich suggested that near-term weakness is likely.
He says Apple could miss estimates for the next two quarters, TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, said on CNBC's "Mad Dash" segment.
This call will weigh on the stock price, given that Apple has missed out on most of the market's multi-week rally, Cramer said. Shares are currently down more than 1% on the day. Apple is an AAP holding.
If Apple shares continue lower, it could fuel the whole "Apple's in trouble" rhetoric that the iPhone maker's best days are behind it. That's not the case, Cramer asserted, but that's what will gain steam in the short term.
While Cramer likes and respects Milunovich, he disagrees with him when it comes to Apple.