CNBC's Jim Cramer on Thursday mocked what he called a belief on Wall Street that Apple's stock is one more negative analyst note away from being finished for good.

Wall Street analysts, who have recently been peppering Apple's stock with downgrades, are concerned the tech giant will suffer declines in iPhone unit sales over the next couple of years.

But Cramer, whose charitable trust owns shares of Apple, isn't convinced. The "Mad Money" host is tired of seeing negative Wall Street coverage suffocate the company's stock.

"It's one more analyst [note] away from just saying, 'You know what it's finished, it's kaput,'" Cramer said on "Squawk Box." "I think [Apple] represents value as it comes down. I know I'm out on a limb by saying that."

Apple shares managed to open higher Thursday after the stock tumbled into bear market territory, briefly plunging more than 20 percent from its October high, the day before.

Cramer has figured that once the estimate cuts end and Wall Street realizes that Apple's service revenue stream and iPhone sales are very much intact, Apple's stock would "come roaring back like it's done every time before."

He has also long warned investors against selling Apple's stock on news reports about iPhone demand.

Earlier this month, Cramer said he was skeptical of a report by Japan's Nikkei newspaper that said demand for Apple's iPhone XR appears to be disappointing.

— CNBC's Elizabeth Gurdus contributed to this report.