Updated from 8:57 ET to include Jim Cramer's comments.
Analysts at Citi raised Apple's (AAPL - Get Report) price target to $160 from $140 while maintaining their "buy" rating due to the impending iPhone 8 "super cycle" that is expected to drive sales and earnings growth in the second half of the year.
Analysts at the firm noted that even though India is now the world's second-largest smartphone market, Apple only has a 2% market share, giving it plenty of room to run in the subcontinent.
CEO Tim Cook has also spent a lot of time in India over the past year, so the country is clearly on Apple's radar, TheStreet's Jim Cramer, manager of the Action Alerts PLUS portfolio, added on CNBC's "Mad Dash" segment.
However, Cramer circled back to a term used by Citi that he didn't care for: "Super cycle." Super-cycles lead to too much exuberance, Cramer explained.
If investors get too excited over the iPhone 8, the stock will rally hard into the product's release and then continue to fall lower afterward. A super-cycle them builds up expectations and increases the odds of a larger selloff, he reasoned.
While he acknowledged that the stock historically rallies into new product launches, Cramer encouraged investors not to trade Apple and instead own it for its ecosystem and growing services revenue.
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