5 Best Robinhood Stocks to Buy According To Hedge Funds

3. Apple, Inc. (NASDAQ:AAPL)

Number of Hedge Fund Holders: 140

Apple, Inc. (NASDAQ:AAPL) is a Cupertino, California-based diversified tech giant. The company is at the third position on our list of the ten best Robinhood stocks to buy, according to hedge funds.

In a note issued on November 18, Amit Daryanani at  Evercore ISI noted that the restrictions in Zhengzhou, China, have increased the lead time of iPhone 14’s Pro models. The analyst observed that the lead time has grown to a range of 31 to 45 days across the world. However, it should not worry investors as the supply-chain disruptions are expected to be short-lived. The demand-supply shortfall provides investors with an attractive entry point in Apple, Inc. (NASDAQ:AAPL). The analyst believes that there is stickiness in the products and services offered by the company, which is expected to keep its margins stable in the long run. Mr. Daryanani assigned Apple, Inc. (NASDAQ:AAPL) stock an Outperform rating with a target price of $190.

Here’s what Wedgewood Partners said about Apple, Inc. (NASDAQ:AAPL) in its Q3 2022 investor letter:

“Apple Inc. (NASDAQ:AAPL) grew revenues +5% (foreign exchange adjusted and excluding Russia) driven by record iPhone revenues that were up about +3% on an exceptional year ago comparison of +50%. Apple’s installed base is over 1.8 billion devices which helps drive a software and services business that has generated almost $80 billion of revenue over the past 4 quarters. As we have highlighted in the past, Apple’s relentless focus on the development and integration between hardware (especially ICs) as well as software, continues to add significant value for customers of its products and services. We expect this favorable competitive dynamic to continue for the foreseeable future.”