CNBC’s Jim Cramer on Tuesday took issue with one Wall Street firm’s decision to downgrade Starbucks (SBUX) stock over concerns about the economy in China, a key growth market for the coffee giant.

In a note to clients Tuesday, TD Cowen lowered its rating on Starbucks stock to the equivalent of a hold, from buy, and reduced its price target to $107 per share from $117. A “worrisome” macroeconomic picture in China that pressures consumer spending, along with competitive pressures from cheaper rivals, is likely to dampen Starbucks’ same-store sales growth in the country, TD Cowen argued in its downgrade.

However, Cramer suggested that investor concerns over Starbucks’ China business have dragged the company’s stock price lower for months already. “The albatross of China weighed on the stock from here,” Cramer said, pointing to Starbucks’ 2023 closing high of $114.56 on May 1.

Including Tuesday’s more-than-1% decline to around $95 per share, Starbucks stock is down more than 16% from that peak. Year to date, the stock is down about 4%, significantly underperforming the S&P 500.

“This is when you make a contrarian call,” Cramer contended on “Squawk on the Street.”

Cramer’s Charitable Trust, the portfolio used by the CNBC Investing Club, has owned Starbucks stock since August 2022.