Investment guru Jim Cramer still contends that Apple Inc.’s stock is undervalued, even with a nearly 60% run higher in 2019, almost triple the pace of the overall stock market this year.

“This is a company that has a multiple that’s way too low given the fact that it’s consistent and China does not seem to be the be-all and end-all,” the “Mad Money” host said on CNBC.

Cramer spoke the morning after Apple (AAPL) forecast sales for the crucial holiday shopping quarter ahead of Wall Street expectations, with Chief Executive Tim Cook seeing strong sales of the wearables such as the noise-cancelling AirPods Pro and hoping for a U.S.-China trade deal by year-end.

Cramer suggests that any adverse affect of the U.S.-China trade war should not be keeping a lid on the stock.

“Phones are only a piece of the puzzle now,” Cramer adds, pointing to Apple’s growth around its services as well as its wearable devices.

“China’s not as great as you’d like but does it really matter? This is not a phone story,” Cramer explained. “Phones are only a piece of the puzzle now,” he added, pointing to Apple’s growth around its services as well as its wearable devices like the Apple Watch and wireless AirPods earphones.

“If we’re just going to be bound by the four walls of the number of phones that are sold, we’re going to miss the fact that this thing might get a 22, 23 multiple,” Cramer said.

Meanwhile, Cook wants to wean Apple off stagnating iPhone sales that make up over half its revenue and switch to generating income from services and wearables. Cook is implementing the strategy while also shepherding Apple through a trade dispute between two of its most important markets, the United States and China, Reuters said.

Apple said it expects $85.5 billion to $89.5 billion in sales for its fiscal first quarter that ends in December, with a midpoint of $87.5 billion that is above analyst expectations of $86.9 billion, according to IBES data from Refinitiv.

Apple shares (AAPL) rose about 2% to $247.17 in late Thursday trading on the news.

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