Ten years ago, late Apple  (AAPL) CEO Steve Jobs introduced the world to a product that revolutionized the way people went about their daily lives, the iPhone. Fast-forward to 2017, and although Jobs is no longer with us, the hope and exuberance encompassing the iPhone remains with the awaited tenth anniversary iPhone 8.

The iPhone 8, set to be released later this year, is believed to be another game changer. Analysts have speculated that the product's release could unleash a "Super Cycle" for Apple's stock, taking it to heights never reached before.

"This is the first time that I felt that Apple has something that would make it so that we could be really surprised by what it is," TheStreet's Jim Cramer said on CNBC's "Squawk on the Street" Monday morning.

Cramer was referring to a Goldman Sachs note in which the firm increased its price target on Apple to $150. Goldman is enthusiastic about not only the iPhone 8's release but the features geared around 3D and Augmented Reality that may be implemented in the device. 

While he believes both AR and 3D represent great avenues for Apple to incorporate into the new device, especially when considering gaming, Cramer cautioned that it cannot compromise the phone's battery life. 

But, "here is what I don't like about that call," Cramer continued. "What that call is basically saying is there will be a valley before we get to the 'Super Cycle.'"

Instead, Cramer preferred a separate piece by UBS stating that the market is currently undervaluing Apple's service revenue, projecting shares higher around 10% if the services were adequately valued.

"I like Steve Milunovich's call from UBS more," Cramer said. "This is about the service revenue stream and the idea that there is an ecosystem. It is the first time I have seen a guy who has been lukewarm on Apple, really give you an edge."

Cramer contended that the revenue from Apple's services will ultimately be as large as that of a Fortune 100 company. "I still continue to think it's undervalued."

If you liked this article you might like

Quick Tips: Now What Should Investors Do?

Quick Tips: Now What Should Investors Do?

7 Inexpensive ETFs for Small-Cap and Micro-Cap Exposure

7 Inexpensive ETFs for Small-Cap and Micro-Cap Exposure

Buy Stocks That Are Right for You: Cramer's 'Mad Money' Recap (Friday 2/16/18)

Buy Stocks That Are Right for You: Cramer's 'Mad Money' Recap (Friday 2/16/18)

Shorts Trampled In Bull Market Rally; UPS Share Structure Examined -- ICYMI

Shorts Trampled In Bull Market Rally; UPS Share Structure Examined -- ICYMI

Jim Cramer: These 4 Stocks Seem Attractive Right Here

Jim Cramer: These 4 Stocks Seem Attractive Right Here