'Apple should be a $250 stock' - Loup Ventures' Gene Munster
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Loup Ventures analyst Gene Munster said Wednesday that he is still optimistic about Apple (NASDAQ:AAPL) in the long run and expects the stock could reach $250 by next year. Such a move would represent a near doubling from Wednesday's midday trading price of around $127.
"Ultimately, consumers may delay for three, six, nine months, but they are going to come back. And they will be upgrading iPhones, Macs, and iPads and I think thatâs something that investors can lean into," he said in an interview with CNBC.
The Loup Ventures founder and managing partner argued that Apple (AAPL) is "one of the world's greatest companies" although the iPhone maker's guidance for the December and March quarters looks disappointing.
Munster attributed the near-term softness of the firm's expected results to production issues in November, as well as to the impact of unfavorable currency exchange.
The analyst said that AAPL is currently undervalued with a P/E ratio of 21. He compared these to big-name non-tech companies such as Coca Cola (KO), Disney (DIS) and Caterpillar (CAT), which have P/E ratios around 30.
Asked about the impact of the potential launch of AR and VR headsets in coming years, Munster said he is optimistic about those products but has not based his current view on the stock on those new categories. In another longer-term opportunity, Munster said Apple could see a massive market for its ambitions in the auto industry.
Munster's comments came as AAPL hit a new 52-week low on Tuesday of $125.07, with its market cap slipping below $2 trillion. Over a period of one year, stock lost more than 30% of its value.
For another perspective on AAPL, see why Seeking Alpha contributor Bill Maurer says, "Apple is now in tough spot".