Apple shares were under pressure Monday after a report said the company told its suppliers to cut iPhone X production in half to 20 million units for the first quarter.
Shares were down 2.4 percent.
Worried about iPhone demand, some Wall Street analysts have downgraded the stock this month. Apple reports its latest quarter on Thursday.
"The question is: Are the earnings estimates going to come down enough that it becomes an expensive stock?" asked Cramer, whose charitable trust owns shares of Apple.
"I don't think anybody believes at this point that the next quarter will be as good as we thought," Cramer added.
Cramer said the news could represent an opportunity for investors, but he cautioned against selling Apple's stock.
"I think if you sell Apple here, maybe you can make a little money," Cramer said on "Squawk on the Street" shortly after Monday's report. "I just don't want to trade it."
"Do you want to sell it knowing they have a little bit of money they could distribute to shareholders?" Cramer asked.
The U.S. tech giant announced earlier this month it will repatriate virtually all of its $250 billion in overseas cash.