If Apple was valued as CNBC's sees it — "the greatest consumer products company in history" — the stock's price target would be $300 a share, the "Mad Money" host said Tuesday.

Speaking after Apple reported a third-quarter earnings beat driven by continued strength in its service stream revenue, which grew 31 percent since last year, Cramer again made the case for the company's budding razor-razorblade model.

"Given the rapid growth of that service stream, this company deserves to sell at a price-to-earnings ratio that is more like a consumer packaged goods company," he said as Apple's stock popped more than 3 percent in after-hours trading.

Cramer lamented the fact that Apple is valued like a "sturdy, cyclical industrial" at just over 17 times next year's earnings estimates. Instead, he said, it should be on par with top consumer goods stocks, which tend to trade at mid-20s multiples.

"In fact, [Apple] should be covered by the same analysts that cover a Procter & Gamble, a Clorox, a PepsiCo, a Colgate, because if it were, I could argue it should be valued at well north of $280 instead of about $200, where it is right now," the "Mad Money" host said.

He added that if he were running the research department at a top Wall Street firm, he would take Apple off the technology analysts' lists tonight and tell the consumer products researchers to begin covering the stock.

"The organic growth of these so-called steady-eddie companies is nowhere near that of Apple," he said of the consumer packaged goods plays. "The cash return to shareholders is nowhere near that of Apple. The brand loyalty is nowhere near that of Apple. The worldwide pervasiveness is fractional versus Apple."

"That's how I could explain how the stock should have a $300 target, not a $200 target, which I think it'll eclipse tomorrow," he continued.

So as investors digest Apple's earnings win, Cramer told his viewers not to panic if they don't own shares of the iPhone maker.

"No, it is not too late to own Apple," the "Mad Money" host said. "Apple the tech stock, maybe, but Apple the consumer products company? That deserves to trade so much higher. Let's just say own it, don't trade it, and buy it if you don't."