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Cramer: How to value Apple

While many investors are comparing Apple to other giants in the tech industry, this technique is not the best way to value the company, CNBC's Jim Cramer said Wednesday.

"There is nothing in FANG that works at all for this," Cramer said on "Squawk on the Street." "Facebook, Amazon, Netflix and Alphabet are growing much faster [than Apple]."

Instead, a more relevant and accurate comp for Apple would be Intel or Cisco, which have good numbers, but have slowed, added Cramer.

Apple reported fiscal first-quarter earnings on Tuesday that beat analyst estimates, but came in below expectations on revenue, iPhone sales and more. Apple CEO Tim Cook described the quarter to CNBC as a period in which there were "a lot of great things happening in a turbulent environment."

The company also reported that it sold 74.8 million iPhones in the quarter, missing expectations of about 75.46 million, according to StreetAccount. Cook told CNBC that while the second quarter will be the iPhone's toughest comparison, "the year will get better as we move forward."

Cramer pointed to Apple's latest innovative concept, the electric car, that will potentially help the stock in the future. In addition, Cramer noted how 60 percent of people who owned an iPhone before the release of the iPhone 6 and iPhone 6 Plus have not yet upgraded based on the analysis CEO Tim Cook provided.

"I can make a case that [Apple] should be bought if it gets to $90," said Cramer on "Squawk Box." "I think the stock is worth about $110 based on comparable analysis to other companies that are in a similar boat that they are."

— CNBC's Everett Rosenfeld contributed to this report.

Disclosure: Cramer's trust owned Facebook, Alphabet, Cisco and Apple's stock when this article was published.