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Although Apple Inc (NASDAQ:AAPL) has traded lower since its outstanding earnings report, the stock will still make new all-time highs in 2021, Jim Lebenthal said Tuesday on CNBC's "Fast Money: Halftime Report."
Lebenthal told CNBC that he was buying Apple's stock in February and March and that he loved the earnings report the company released a few weeks ago.
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"I am by no means thrown from this horse," he said.
What Happened: Apple reported April 28 with quarterly earnings of $1.40 per share, beating the estimate of 99 cents, and revenue of $89.58 billion, beating the estimate of $77.35 billion.
The company also added $90 billion to its share buyback and raised its dividend to 22 cents per share. Since reporting earnings, the stock has trended lower.
There is talk about iPhone production orders being lower than expected in China, Lebenthal said. That is not something that a long-term investor should be paying attention to, he said.
If the stock goes down, Apple will buy back more shares, he added.
Apple is a long-term hold and investors can expect new highs in the stock this year, Lebenthal said.
See Also: Cathie Wood Cuts Apple Stake By 30% And Buys Coinbase, DraftKings
AAPL Price Action: Apple traded as high as $145.09 and as low as $75.05 over a 52-week period.
The stock lost 0.74% Tuesday, closing at $125.91.
Photo courtesy of Apple.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.