"I could argue that $458 is a good place to step in. It won't trade at six times earnings for long," Cramer said, perplexed that Apple was trading at the same ratio as Microsoft, which he sees acting more like a utility company than a tech behemoth.
Apple "should not be trading at the same multiple as Microsoft," he said on "Squawk on the Street." "It's just not fair."
Earlier this month,Cramer called Apple a "tough own" and reiterated this sentiment that the Apple ecosystem brings with it a range of concerns and unknowns.
He said analysts are now forced to value it in the way that they do IBM, Microsoft or Intel. No company wants to be looked at like this, Cramer said.
"This is a reset," said Cramer, who likened Apple's situation to that of Netflix and Facebook, which have been somewhat vindicated by the street after poor stock performance. Apple, however, has yet to convince investors of the company's long-term upside value.
"This company needs an 'OMG' moment, and it needs it now," said Cramer, who suggested that Apple's cash stockpile could potentially be used to instantly leapfrog the company into a new market and transform it. "Apple feels like a pitiful, helpless giant," he said.
What Cramer wants to hear is that the company has "something," but right now the street isn't convinced that there is a knock-out product in the pipeline, he said.