Nike is a buying opportunity if the stock were to fall further on the fallout from Colin Kaepernick being featured in the company's 30th anniversary "Just Do It" campaign, CNBC's said Tuesday.

"Nike is so smart," Cramer said on "Squawk on the Street," adding that the sportswear giant is a "calculated company" and is often well ahead of its rivals in knowing what its consumers want.

Cramer, whose charitable trust does not own shares of Nike, said if consumers think the company's new ad is "cool" then it's a win for Nike.

The Dow component was nearly 3 percent lower Tuesday after the former San Francisco 49ers quarterback on Monday tweeted an image from the campaign, saying: "Believe in something, even if it means sacrificing everything."