Apple Inc. (NASDAQ:AAPL)‘s incredible momentum continues to be the talk of Wall Street with a number of investors and research firms reiterating that the impressive run could be in for the long-term. During an interview on CNBC, Legg Mason Capital Management Chairman, Bill Miller reiterated his bullish sentiments on Apple, even though, the company is poised to face tough comparisons heading into 2016.
Some of the other stocks that Miller is keeping a close eye on include Amazon.com, Inc. (NASDAQ:AMZN) and Alibaba Group Holding Ltd (NYSE:BABA). The analyst expects Apple Pay and iWatch to act as the key drivers of the stock as Apple looks to attract more merchants with its payment system at the back of launching its first ever wearable piece.
“Apple Inc. (NASDAQ:AAPL) has got incredible momentum right now; Apple Pay, Apple Watch should do very well this year. Apple the company I think in 2016 will do well. The stock is going to face very-very tough comparison then,” said Mr. Miller.
The Wearable space is not expected to be a walk in the park for Apple Inc. (NASDAQ:AAPL) in the pursuit of market share. There are already products in the space for health and finesses applications that Apple will have to battle it out against, in the push for marketshare.
Apple has also been facing resentment over its payment system Apple Pay awaiting to see the kind of strategy that will be employed in its bid to attract more merchants. iPhone sales should continue to drive the stock seen by the strong demand in China that has allowed the company to register record revenues and become the biggest company in history according to Miller.
The fact that the Cupertino-based company is trading at below market multiple should be enough in cementing its position as the largest company in the world and a clear representation of the global economy performance.
“[…] If Apple Inc. (NASDAQ:AAPL) was struggling to reach new highs the whole market is likely going to be struggling. So I think that Apple over the next year or so will probably do fine relative to the market, the next year who knows,” Mr. Miller.
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