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Why Cramer sees upside in Apple now

Though stocks finished narrowly mixed Monday, the S&P 500 index hit another intraday record and the Nasdaq touched a fresh 13-year high. The gains have prompted some investors to ask whether there's a single bargain left.

To Jim Cramer, host of "Mad Money," Apple is worth considering. The stock is not only overlooked by many investors but inexpensive by many metrics, he said, noting that it has rallied roughly 8.7 percent in the last nine days and yet it is not even positive for the year. The stock also pays a 2.3 percent dividend yield and sells at 12 times earnings.

Apple shares continued to rally Monday following an upgrade from Société Générale, which suggested the tech company could soon report higher volumes and demand for the iPhone 5s. Apple has higher gross margins on its sales, while competition from rivals Google and Samsung appears to show some signs of weakness, Société Générale added.

(Read more: Microsoft, Nokia set to take on Apple's iPad)

There are several other reasons to own Apple, Cramer said. It will soon refresh the iPad line, and it hired CEO Angela Ahrendts from Burberry to market Apple as a luxury brand.

Cramer said the best thing Apple could do for shareholders, though, would be to split its stock and boost its dividend.

"I think Apple needs to split its stock four for one, and raise the dividend again to make itself more rewarding and more accessible to retail investors, and not high-frequency traders and hedge fund kingpins," he said.

When this story was published, Cramer's charitable trust owned Apple.

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