"I like this stock," Cramer said in an exclusive conference call with members of his Action Alerts PLUS club for investors. "I think a lot of people were really petrified that Apple's [new iPhones] are not going to have good sales. They're looking at Apple stock" -- which initially pulled back this past week following the iPhone 8 and iPhone X's release -- " and saying: 'Wow, I guess it's not going to sell well. I think that's quite wrong."
Broadcom has long supplied RF power amplifier modules, Wi-Fi/Bluetooth combo chips and GPS chips for iPhones. During a recent earnings call, the company signaled that the iPhone 8 -- which Apple released this week -- would provide AVGO with a 40% dollar-based content increase relative to the iPhone 7.
TheStreet's Eric Jhonsa contributed to this report.
Want to join in on Jim's monthly conference calls? Click here for a free 14-day trial subscription to Action Alerts PLUS and hear all of the latest call, plus get e-mails before Jim makes any trade and enjoy lots of other exclusive material.
More of What's Trending on TheStreet: