Analyst: Apple’s Still the Top Pick
Demand for Apple’s (NASDAQ:AAPL) stock has continued to stay high despite the arrival of the company’s bears, according to R.W. Baird senior analyst Will Power. Apple is now down more than 25 percent since reaching a record closing high in mid-September and worries about its future have persisted for the past month and a half. Power, though, continues to have an Outperform rating on the stock and a $750 price target. He calls the iPhone maker his top pick.
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“We continue to like Apple,” Power told CNBC’s Squawk on the Street. “That’s our top pick and, really, I guess our refrain has been the more things change, the more they stay the same. We like Apple on the weakness.”
Power said he researched the company’s potential vis-à-vis its supply-chain performance, and Apple came out looking perfectly stable for the near- and long-term future.
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“The stock’s been beaten up as we all know over the last couple of months, but all of our checks suggest that demand remains very good,” he said. “Even the supply-chain side that our semiconductor team has come up with suggests that procurement numbers remain good, so we like the outlook here over the near and long term.”
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