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FBR Capital Is Colorful On Apple: The 'White Knuckle' Period And 'Gold Opportunity'

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FBR Capital Is Colorful On Apple: The 'White Knuckle' Period And 'Gold Opportunity'

After consolidating near the $115 mark, shares of Apple Inc. (NASDAQ: AAPL) have again continued their downward journey that began shortly after the company's third-quarter earnings on July 21. Dan Ives, FBR Capital, was on CNBC recently to discuss how the trajectory for Apple's stock looks going forward.

Golden Opportunity To Own This Name

"It's all about China," Ives began. "I mean, the fears are really starting to increase. It's almost like a forest fire out there. Lot of bears firing in a crowded theater. It comes [...] to that China growth story, but ultimately we believe this is overdone as perception reality."

Related Link: Apple Is Rotting

He continued, "But, it is like fighting a ghost and 'til they come out with their launch September 9, 'til they show the numbers in this quarter— and ultimately, I think, bulls are going to be proven right. Next six to nine months, I view this as golden opportunity to own this name even though in the near term; it's a white knuckle period with Apple given all the bears piling on."

China Will Show Strength In Second Half

Ives was asked if the fears of Apple sales slowing down in China are overblown and if recent numbers by tech majors suggest that the sector is making good progress in mobile, cloud and cyber security. He replied, "Oh yeah, and you saw that even in this past quarter, right? Cloud, cyber security, big data. And you look at China and some of the overseas market, I mean, we really saw a good earnings, and we think second half you are continuing to see strength there."

Image Credit: Public Domain

Posted-In: CNBC Dan Ives FBR Capital Markets & Co.Analyst Color Short Ideas Tech Media Trading Ideas Best of Benzinga

 

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