Apple, under severe pressure after cutting its fiscal first-quarter revenue guidance, could eventually bottom out at $120 per share or about 16 percent lower than Thursday's open, CNBC's Jim Cramer predicted.
However, Cramer, whose charitable trust owns shares of Apple, said Thursday on "Squawk on the Street" that he likes the stock over the long term. He's also long warned investors against selling Apple's stock.
Shares of Apple plunged 8.8 percent to $143.98 at Thursday's open on Wall Street after issuing a rare sales warning late Wednesday. The stock had closed before the news at $157.92.
The U.S. tech giant blamed longer upgrade cycles and headwinds in China for lower-than-expected iPhone sales. It now expects fiscal first-quarter revenue to be as much as $9 billion lower than previous projections.
Wall Street analysts, who had been peppering Apple's stock with downgrades in recent months, have been concerned the company would suffer declines in iPhone unit sales over the next couple of years.