Cramer Hails Cook as Greatest Consumer-Based Enterprise Builder

CNBC's Jim Cramer has given Apple (NASDAQ: AAPL) an unprecedented endorsement, calling outgoing CEO Tim Cook the greatest consumer-based enterprise builder in history. According to Cramer, Cook achieved this feat by turning Apple into a company whose products consumers treat as personal companions rather than mere electronics.

Cook is set to hand over the reins to hardware engineering chief John Ternus in September, moving into an executive chairman position after more than a decade leading the company. In his farewell letter, Cook described starting each day by reading emails from customers around the world who credited Apple Watch with saving lives.

The philosophy behind this approach has resulted in a valuation premium that Wall Street once reserved for enterprise software firms. Apple's forward price-to-earnings multiple now sits at 30 times, compared to the low-to-mid teens when Cook took over in 2011. The company's recent quarterly results have reinforced Cramer's framing, with revenue exceeding analyst estimates and earnings per share beating consensus expectations.

The market appears to agree, with Apple carrying a trailing price-to-earnings ratio of 35 times and a forward multiple of 34.87 times. Analysts have assigned a Buy rating against just four Sell ratings, with a consensus price target of $328.60 representing more than 7% upside from the current price.