CNBC’s Jim Cramer defend Apple on Tuesday, saying a recent rare downgrade report “directly contradicts” the tech giant’s earnings call.

Apple shares fell about 1 percent Tuesday after Nomura Instinet lowered its rating on the companyto neutral from buy. Analyst Jeffrey Kvaal told clients “the stock’s gains for the iPhone X supercycle are in the late innings.”

“Any close reading of the previous quarter’s transcript would directly contradict this report,” said Cramer, whose charitable trust owns shares of Apple. “There is nothing in here that I see as new in [the] sense of the doubters.”

“The doubters of service revenue remain steadfast,” Cramer said on “Squawk on the Street.” “The doubters of significant upset next year I think will be wrong.”

During Apple’s fiscal fourth-quarter post-earnings conference call CEO Tim Cook said the company is “very bullish” after it reported revenue guidance for the next quarter on the high end of estimates.

The iPhone X orders weren’t reflected in that quarterly report, but Cook said orders were “very strong for both direct customers and for … carriers throughout the world.”

Cramer said Tuesday, “You own Apple. Don’t trade it.”

“This kind of research — and I have nothing against Jeffrey Kvaal who wrote it — that got you out of Apple at $100, at $110, at $120,” said Cramer, host of CNBC’s “Mad Money.” “Need I say more.”

“It’s the kind of piece that will drive you nuts and out of the stock,” he added.

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