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Dan Morgan of Synovus Trust was a guest on CNBC's "Squawk On The Street" segment Monday to talk about his fund's stake in Apple Inc. (NASDAQ: AAPL).
Morgan said his fund has been a shareholder in Apple since 2004 at an approximate cost basis of $5 per share. He added that despite the stock hitting a fresh 52-week low on Monday, there are no plans to cash in on the largely profitable stake.
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"I understand a lot of people are getting out of the stock," he said. "We are hopeful that things that Apple is doing with iPhone 7 rollout which will be coming down the pipe at the end of the year."
Morgan continued that Apple's stock has historically traded higher ahead of a new iPhone launch. He noted that he is still has some optimism that "things aren't as bad as everyone thinks it is."
Morgan also noted that Apple's prospects in China represent an "icy path" but there is "no doubt" that the country represents significant growth opportunities, but with "hurdles to get through" first.
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.