Cramer: The Mizuho Analyst Who Downgraded Apple Is Looking To Make A Name For Himself

Apple Inc.AAPLdowngraded the stock from Buy to Neutral with a price target lowered from $160 to $150.

Lamba's downgrade was based on the belief that the iPhone 8 super cycle is already understood by the Street, and contributions from services, China, and India may also fall short of expectations.

Cramer: Is Lamba Making A Name For Himself?

While investors were busy watching the Tony Awards or Sidney Crosby leading the Pittsburgh Penguins to its second consecutive Stanley Cup title, Lamba likely wasn't doing either, CNBC's Jim Cramer said during his "The Mad Dash" segment on Monday.

"This is a statement downgrade, which means you have never heard of me, but today you have," Cramer said. "And you know what I say? It was down on Friday — give me a break."

Cramer further took issue with a Sunday downgrade, which is adding panic to the Street. The CNBC host also questioned the analyst's thesis, which is based on a "strong" iPhone 8 cycle and an uncommon bearish view on services.

"A Sunday downgrade, everyone is talking about it," Cramer joked. "I think Crosby was talking about it. When he had the Stanley Cup he said, 'Did you hear they downgraded Apple at Mizuho?'"

At last check, shares of Apple were down 3.28 percent at $144.10.

Related Links: Even If You Expect An iPhone 'Super Cycle', Has Apple Stock Just Gotten Too Expensive? Analyst: iPhone 8 Should Release Pent-Up Demand For Apple