Analyst: Apple Is ‘Top Large-Cap Pick’ for 2014
Cantor Fitzgerald analyst Brian White took a decidedly bullish perspective on Apple (NASDAQ:AAPL) in a recent note to investors, calling the California-based company “our top large-cap pick in our coverage universe for 2014.” Although the analyst called 2013 “a year to forget for Apple” due to its poor stock performance relative to the S&P 500 and the company’s first earnings per share decline in 10 years, he believes “2014 will prove to be a year of innovation.”
The analyst thinks Apple’s strong stock performance in 2014 will be fueled by new product innovations, per his note, seen by Wall St. Cheat Sheet. White expects Apple to unveil the long-rumored iWatch wearable tech product in 2014, as well as several other new products. Although there have been some media reports about Apple’s development of a 12.9-inch iPad, White believes this product will actually be a “hybrid device” that will be “bigger than an iPad but more mobile than the MacBook Air/Pro.”
White also said Apple would finally enter the “mega-sized smartphone category” by launching up to three iPhone screen sizes in 2014. White’s prediction is in line with a report from an unnamed source cited by Bloomberg in November. Bloomberg’s source reported that Apple would release two large-screen iPhones in the third quarter of 2014. Similarly, DisplaySearch analyst David Hsieh also forecast two large-screen iPhones in 2014, although he put the release dates in the second quarter.