Apple Inc. (NASDAQ:AAPL)’s iPhone 6 will get a boost from Apple Pay, Gabelli Funds’ Larry Haverty said in a recent interview on CNBC.
Apple Inc. (NASDAQ:AAPL), the Portfolio Manager said, has a lot of interest for the iPhone 6 and iPhone 6 Plus which they recently unveiled. He noted that statistics show that 75% of people in the Unites States who are interested in getting a new smartphone want to get the newest iPhones.Furthermore, Apple Pay, the recently-launched electronic payment system which involves Near Field Communication by the Cupertino, California-based giant, will change the cash register scenario, he said.
“I think you have to things: the male is going to want to get through [the cash register] as quickly as possible and the female – who is much better at cash registers than the male in the United States – I think is going to find that this is a very easy device to use relative to pulling out of her pocketbook [or] the credit card. I think once this Apple Pay gets started, you can see incredible product adoption from Apple,” Haverty said.
Moreover, Apple Inc. (NASDAQ:AAPL)’s stock is a good buy, Haverty said, owing to the company’s sound financial standing.
“You look at the stock, it’s a very reasonable stock. It sells at eight times trailing debt-adjusted EBITD [which is] the metric we use at Gabelli because we’re cash flow oriented. It’s way cheaper than any consumer product company. It has brand quality. It has technology and it has responsible financial management. Even someone as critical as Carl Icahn is applauding the management,” Haverty added.
Apple Inc. (NASDAQ:AAPL) has put on about $22 billion from the opening of the market and to the closing of after-market trading, Haverty said, and added that he thinks there is up to $200 billion more in gains for the company in the future.
Mario Gabelli’s GAMCO Investors has reported a stake comprised of 147,968 shares of Apple Inc. (NASDAQ:AAPL) by June 30. At the time the firm reported the stake, it was worth about $13.75 million.