Jim Cramer’s 5 Comeback Stocks

4. Apple Inc. (NASDAQ:AAPL)

Number of Hedge Fund Holders: 140

Apple Inc. (NASDAQ:AAPL) is one of the comeback tech stocks named by Jim Cramer in November 2022. Cramer’s Charitable Trust also owns shares of the tech giant. On December 20, Apple Inc. (NASDAQ:AAPL) announced that it is looking at some options to diversify its manufacturing options, and the company is planning on moving some production of its MacBooks out of China and into Vietnam. Vietnam already produces some Apple products, including AirPods, iPads, and Apple Watches. This way, Apple Inc. (NASDAQ:AAPL) will be less vulnerable to China’s Zero COVID policies. 

On December 21, after outperforming in 2019 through 2021, Apple Inc. (NASDAQ:AAPL)’s shares are significantly trading in line with the market in 2022, Citi analyst Jim Suva told investors in a research note. While the December quarter is challenged by supply, demand for Apple Inc. (NASDAQ:AAPL)’s products and services will potentially remain solid throughout fiscal 2023, noted the analyst. He sees Apple Inc. (NASDAQ:AAPL) shares trading higher and maintain a Buy rating on the stock with a $175 price target.

According to Insider Monkey’s data, 140 hedge funds were long Apple Inc. (NASDAQ:AAPL) at the end of September 2022, compared to 128 funds in the last quarter. Warren Buffett’s Berkshire Hathaway held the largest stake in the company, with approximately 895 million shares worth $123.6 million. 

Here is what Wedgewood Partners specifically 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.”