Analysts need to start cutting their outlook on energy stocks if they want prices to hit bottom, CNBC's Jim Cramer said Monday.
"Until we see oil downgrades, we're not going to get a bottom in stocks," Cramer said on "Squawk on the Street." "You cannot keep these stocks where they are if you're using a commodities price of $40. You've got to take them down, and they're taking them down."
"I think Goldman made some good points in terms of where oil could hit bottom, but the idea that it's going to come back next year, forget about it," he said.
Cramer also called Chesapeake Energy's upgrade to a buy-rating "fatuous." "Get with the program and get negative on everything," he said.