“Apple Inc. (NASDAQ:AAPL) at $253 is cheap, not expensive,” Jim Cramer said on his “Mad Money” TV show. He told viewers to stay with Apple, a stock he holds in his charitable trust, until it reaches $300 a share. Cramer said Apple is a special circumstance, where we know shares headed dramatically higher.

He explained to viewers that the media is focused on Apple’s marketcap which has exceeded rival Microsoft Corporation (NASDAQ:MSFT) at $230.53 billion versus $227.86 billion, respectively. “That’s what happens when you’re the greatest manufacturer on earth,” Cramer said. He pointed out that Apple is selling into huge end markets for PCs, phones, mobile devices and music. Cramer said Apple is just starting to penetrate the cell phone market. To go even deeper into the iPhone and iPad, Cramer advised viewers to consider the potential 15 million smartphones Apple could sell once Verizon Wireless launches the device on their network. Plenty of consumers are ready to leave AT&T’s spotty network. Also, consider that 60 million netbooks are expected to ship this year with 78% of potential buyers considering an iPad.

Cramer said Microsoft, on the other hand, has saturated its primary market for PC operating systems, and therefore doesn’t earn a growth multiple. However, Apple, with its $50 a share in cash, could earn as much as $17 to $20 a share in 2011, which means the stock is trading at a cheap 12.5 times next year’s earnings. Cramer said even if Apple hits his $300 target, the stock will still be cheap trading at just 15 times earnings.

“That’s less than almost every single growth stock I follow,” Cramer said, “and even less than the S&P 500′s multiple.”   Get the scoop on tomorrow’s hottest trade ideas – TODAY! BeaconEquity.com PREMIER PICKS have an amazing track record. Join this select group and ride the profit wave!