Jim Lebenthal Isn't Worried About Apple's Stock
Apple Inc (NASDAQ:AAPL) is a multi-year hold, Cerity Partners' Jim Lebenthal said Wednesday on CNBC's "Fast Money: Halftime Report."
Cash flow is strong and share buybacks will continue into 2022 and 2023, Lebenthal said.
The ecosystem will continue to grow as iPhones continue to sell and the company brings in more ways to generate service revenue, he added.
What Happened: Apple reported 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.
See also: How To Buy Apple Stock
AAPL Price Action: Apple traded as high as $145.09 and as low as $71.57 over a 52-week period. Apple is down 3.08% over a 5-day period.
At market close Wednesday, the stock was up 0.20% at $128.10.
Related Link: When Will Apple's Stock Chart Say 'Buy'?
(Photo courtesy of Apple.)
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