Apple Inc. (NASDAQ:AAPL) has unfairly become a “punching bag” for consumers and analysts in recent weeks over its battery-related slowdown issues, according to Jim Cramer.
The venerable market pundit explained his position on CNBC this week:
“Apple’s become a target,” said Cramer, whose charitable trust owns shares of Apple. “It’s so big, they’ve really become a punching bag. And I find it interesting because there are a lot of companies that do a lot of things that are not necessarily pro-consumer.”
“Apple’s become so big it’s become, ‘Wow, let’s attack Apple,'” Cramer said on CNBC’s “Squawk on the Street.”
Cramer commented earlier this month on the news about older iPhones, saying it wasn’t a big deal and investors shouldn’t sell their stock.
The analyst said Apple’s sheer size — which almost makes it look like a country rather than a corporation — makes it an easy target for critics. Since the iPhone is so pervasive, and so many users are affected by slower processing speeds related to damaged batteries, people feel offended by the sheer idea that something could actually be wrong with the device.
Needless to say, Cramer continues to recommend the stock as a buy.
Apple Inc. shares rose $0.12 (+0.07%) in premarket trading Friday. Year-to-date, AAPL has gained 3.58%, versus a 3.47% rise in the benchmark S&P 500 index during the same period.