Apple Inc. (NASDAQ:AAPL) has been taking a bear-market hit in recent weeks, but where is the stock going from here? The stock is still the most popular pick among those in the hedge fund industry, as a whopping 146 managers hold the stock, of the funds we track. This trumps Google Inc (NASDAQ:GOOG)‘s 132 and American International Group, Inc. (NYSE:AIG)‘s 110, the next most popular picks. Regarding the Cupertino-based tech giant, one particular analyst was on Bloomberg TV Tuesday morning to discuss his top stock picks in the current market environment, and he said that he sees Apple as one of those oversold value opportunities.
Christopher Grisanti, founding partner of Grisanti Capital Management, provided an exclusive interview to Bloomberg TV and gave his prospects for the near future – touching on oil and energy in general, before pivoting to tech and financials.
In regards to Apple Inc. (NASDAQ:AAPL), Grisanti has had a positive take on the stock before, and he reaffirmed that position in this interview. “We’re very optimistic on Apple,” Grisanti said. “I think, for example, (CEO) Tim Cook gets a bad rap. What he lacks in the vision of Steve Jobs, which is the rap, he more than makes up for in business acumen. For the first time ever, Apple will have four new products ready for the holiday season, all at the same time. So what I look for in this all-important fourth quarter is lower margins because new products are hard to get up to speed, especially complicated ones like the iPhone 5, but I also look for a total blowout on the sales side.”
When asked about the recent sell-off of AAPL stock due to the impending “fiscal cliff” and the significance of it as an explanation for the downturn of a highly popular stock, Grisanti said, “It could be a contributing factor, but that is not a good play generally because loss-selling will be over when it’s over. We’re using this as an opportunity to add to underinvested accounts for the Apple and we’re very excited about it.”
How do you feel? Do you share Grisanti’s excitement about Apple Inc. (NASDAQ:AAPL)? What do you see in the company’s favor, and what are the shortcoming going forward? Do you think it’s time to be bullish? Let us know your thoughts in the comments section below, and continue reading our other Apple coverage here on Insider Monkey.