Apple likely to be the safest tech stock over the next 6 months - Gene Munster
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Gene Munster, managing partner at Deepwater Asset Management, said Wednesday that he remains bullish on Apple (NASDAQ:AAPL), even as the current financial crisis roils the overall market.
"No company is immune, but I think Apple is probably the safest place to be when it comes to navigating at least these next six months," Munster said in an interview with CNBC. The comments came as AAPL supplier Foxconn warned on smart electrics demand earlier today.
Looking back at Apple's recent margin guidance, Munster praised the iPhone maker's performance compared to those of its Big Tech rivals in terms of navigating the current storm.
Munster highlighted that the tech giant plans to increase spending with its suppliers by 16%.
In terms of investment in tech stocks amid inflation pressure, Munster said, "In the near term it's a little bit of a head fake again." He affirmed his earlier prediction of "difficult times" for tech stocks in the first six months and a "great year" in the back half of 2023 and into 2024.
In January, Munster said that "Apple should be a $250 stock." AAPL finished just at $152.68 on Wednesday, rising fractionally on the session. So far this year, AAPL has gained more than 20%.
Munster is among a large group of bulls on Apple (AAPL), which gets a consensus Buy rating from Wall Street analysts. However, the stock received a Hold rating from Seeking Alpha's Quant rating system.
Read recent analysis on the stock here.