Jim Cramer: Goldman Call On Apple Makes Sense

Goldman is cutting its price target and profit estimates for Apple (AAPL) - Get Report and the move makes sense according to TheStreet's Jim Cramer. Goldman says it is trimming Apple's estimates to reflect lower growth expectations for the smartphone industry and increasing risks in its Chinese business. Goldman's earnings estimates for 2016 were revised downward by a penny to $8.39 a share, but that's still $0.10 a share above the consensus estimate. Goldman also cut profit expectations for 2017 and 2018. The firm lowered its price target for the shares for the year to $124 from $136.

At the time of publication, Jim Cramer's charitable trust Action Alerts PLUS held no positions in stocks mentioned.