Jim Cramer sees little margin for error in Apple's upcoming earnings report

There's little margin for error in Apple's (AAPL) upcoming earnings report, CNBC's Jim Cramer said Wednesday.

The iPhone maker's fiscal 2023 fourth-quarter results are scheduled to be released after the market close Nov. 2, and Cramer expects Wall Street to be unforgiving when comparing Apple's reported earnings per share to analyst estimates.

"One penny, with this company, is enough to bring the stock down," Cramer said on "Squawk on the Street." Cramer's Charitable Trust, the portfolio used by the CNBC Investing Club, has long owned Apple stock.

Cramer's comments Wednesday came in response to a research note from Deutsche Bank, which lowered its price target on Apple to $200 per share from $210. The analysts maintained a buy rating on Apple stock and said they expect the company's results to largely be in line with Wall Street expectations.

However, Deutsche Bank said its previous outlook on iPhone 15 sales in Apple's fiscal 2024, which began in October, may have been too optimistic, citing increased competition in China.

Since the latest iPhone launched on Sept. 22, investors and analysts alike have been paying close attention to various data sources and tracking metrics to try to gauge demand for the device, which is key to Apple's overall financial health. The quarterly results from Apple next week will only include about one week's worth of iPhone sales, Cramer cautioned.

Shares of Apple — the most valuable publicly traded U.S. company — were down more than 11% over the past three months, compared with a roughly 8% slide in the S&P 500 over that time.

Apple "is the most important stock in the market still," Cramer said.