Let Apple's stock 'settle down' before you start buying, Cramer says

  • Apple's announcement about a change in its earnings reports has created an opportunity in the stock, CNBC's Jim Cramer says.
  • The longtime Apple bull stands by the stock, but tells investors to let shares settle before buying.

Apple's management may have botched the way it announced a change to its earnings reporting, but investors shouldn't give up on the company's stock, CNBC's Jim Cramer said Friday.

In the announcement, the iPhone maker said it would stop breaking down the sales results for its individual products.

"My advice now is to let this stock settle down. Give the sellers who don't believe [CEO] Tim Cook's explanation a couple more days to get out. Then, if you don't own it, I'd start buying it," the "Mad Money" host and longtime Apple bull advised. "Remember, Apple has the world's biggest buyback and next week I bet you they will be in there repurchasing this stock right alongside you."

Shares of Apple slid 6.63 percent on Friday after falling in Thursday's after-hours trading. Wall Street analysts took issue with Apple's decision to stop issuing individual product results and the company's muted forecast, which was tied to timing issues related to its new iPhones.

But Cramer said he didn't blame Apple for its decision to stop breaking down its product results and reiterated his call to value the Cupertino-based giant as a consumer products company rather than a technology hardware provider.

"As I told you earlier, I still believe you should own Apple, not trade it," he said. "I regard Apple as the greatest consumer packaged goods play on earth — like a better version of Procter & Gamble — and you don't see Procter & Gamble giving you the number of Gillette razors it sells every quarter."

WATCH: Cramer's strategy for first-time Apple buyers

Disclosure: Cramer's charitable trust owns shares of Apple.

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