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Apple Should 'Absolutely' Be Bought At These Levels, Pro Says

Apple Should 'Absolutely' Be Bought At These Levels, Pro Says

Apple Inc. (NASDAQ: AAPL)'s stock is under heavy selling pressure after the company introduced its new lineup of products. While the stock is having its worst monthly performance in recent memory, some experts, including David Seaburg of Cowen & Co. are urging investors to take advantage of the weakness.

In fact, investors should "absolutely be buying the stock here" as there exists a path for Apple's stock to trade up to $180 per share, he explained during a recent CNBC "Trading Nation" segment. The nearly 20 percent upside would be justified as sales figures for the $1,000 high-end iPhone X will "show up in Q4 numbers."

"All the negative noise around shorter lines at the stores, I think we have learned a lot about buying habits of consumers right now," he said. "They are buying a lot more online, they are going directly to the distributors. There is no question that the demand for this phone is strong, especially for the X."

Apple's stock is also poised to move higher as it benefits from the "pent up" demand from the "ageing" installed base of existing iPhone devices, Seaburg continued. As such, the new product launch cycle should be evaluated different from other launches, especially when factoring in the phone's new features like an OLED screen.

"People really want this phone," he concluded. "Price point — I don't think it matters in this case and I think you got to buy the stock."

Related Links:

Survey Suggests Higher Demand For iPhone 8 And X, But Brace For Short Lines

Why Apple's Bet On A $1,000 Smartphone Will Likely Pay Off

Latest Ratings for AAPL

Jan 2021BarclaysMaintainsEqual-Weight
Jan 2021Canaccord GenuityMaintainsBuy
Jan 2021Credit SuisseMaintainsNeutral

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