Don't Buy Apple Here, Cramer Says

Wait for around a 5% to 8% pullback.

Author:: TheStreet Staff
Publish date:: Aug 10, 2017 12:08 PM EDT

Jim Cramer says investors who don't already own Apple (AAPL) - Get Report shouldn't buy it here, but should wait until it pulls back some 5% to 8%.

"[Apple] has run too much," Cramer said in an exclusive monthly conference call with members of his Action Alerts PLUS club for investors. "It's at [around] $160, [but a] 5 to 8 percent pullback is when I would buy some if you didn't own any."

A retrenchment of that magnitude would take AAPL down to around $147 to $152 a share. The stock was down some 1% to $158.80 as of late morning Thursday.

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Action Alerts PLUS, which Cramer co-manages as a charitable trust, is long AAPL.