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Apple Is 'Dirt Cheap,' Brian White Says

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Apple Inc. (NASDAQ: AAPL) shares are range-bound near the $100 level before earnings. Drexel Hamilton's Brian White told Benzinga that blaming Apple management for recent woes is an "easy out." The company's potential ventures with the car, mobile payments and music can give upside for shares going forward.

Of note, White was also on CNBC Monday morning.

Speaking to the outlet, Drexel's tech analyst said "when you're in the later stages of [the iPhone series]...things start to trail off a little bit." White said the "big innovation" is coming this September, when Apple is expected to release the iPhone 7.

"We like Apple here," he emphasized. It's "dirt cheap."

Related Link: Brian White: Blaming Apple Management Is An 'Easy Out'

White said rather than think about the company's phone business in a vacuum, Apple is a mobile internet play. "Phone is one piece of it, but obviously wearables are coming on strong," along with developments in the car, TV and connected home markets.

Apple TV

When asked if there will be a breakthrough for the Apple TV, White said "it's just going to take time." The company is clearly working on a streaming service, he said.

What Would Change His Mind

"If I saw their position in the smartphone market start to erode, that would be a problem. But again...the two big areas [China and India]" still have large upside, White concluded.

The analyst's current price target is not dependent on any game-changing products, like the TV or a car.

Latest Ratings for AAPL

DateFirmActionFromTo
Jun 2018ArgusMaintainsBuyBuy
May 2018Maxim GroupDowngradesBuyHold
May 2018Morgan StanleyMaintainsOverweightOverweight

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