Apple's latest model of its Apple Watch, complete with new health features ostensibly targeting the aging population, could be the company's key to unlocking an even larger customer base, CNBC's Jim Cramer said Thursday.
"If you get the watch, you're going to get the phone. That's the way it works," the "Mad Money" host said. "Consider the watch as the gateway drug to the whole Apple ecosystem."
Doubling down on his earlier comments that Apple's newest devices represented a "breakthrough" for the trillion-dollar company, Cramer applauded the iPhone maker's transformation into more of a subscription business.
He also noted that until the Sept. 12 launch, many investors seemed to be getting "jaded" about Apple's product reveals because they didn't seem to move the stock much anymore.
But its latest keynote made Cramer, a longtime Apple bull, believe even more strongly in the company's story.
"When you look at the new phone and the new watch, you realize that Apple's trillion-dollar valuation is indeed deserved," he said. "In fact, it could be worth a lot more than that if I am right about the revolution that this great company unleashed in yesterday's product introductions."
Read more of Cramer's Apple analysis here.