Andy Zaky Can’t Believe the Apple Haters

In what is his sixth buy recommendation for Apple’s (NASDAQ:AAPL) stock since 2006, hedge fund manager Andy Zaky has dismissed the recent bad press about the company and reiterated that it will hit $1,000 by this time next year.

“The simple truth is that despite all of the sensationalist rubbish surrounding the launch of iPhone 5 ranging from ‘Mapplegate’ to purple hazes or scratched iPhone cases, Apple is selling literally every iPhone 5 that it can make in what has been called the most aggressive international roll-out in consumer electronics history,” Zaky wrote Tuesday night in a blog post titled ‘Apple $1000: Why it’s time to buy’.

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One week after writing an almost angry post that expressed his frustration with the recent bearish opinions on the company, Zaky was again vehement in his opposing argument.

“History has repeatedly taught us that the best time to buy Apple is when the bearish sentiment in the stock has reached the pinnacle of extreme pessimism,” Zaky wrote. “When every guest on CNBC is calling for the imminent demise of Apple, when every headline is making a case for why Apple has peaked, and when the stock continues to slide by over a 2 percent a day right in the face of a market rally, that’s when you know it’s time to buy.”

He argued that based on the expected smartphone growth rate, the consensus among analysts was that Apple was likely to sell between 160 million and 180 million iPhones next year. In addition, Apple’s price-to-earnings ratio had stabilized over the past six quarters at around 15, a “center of gravity” for the stock, while several technical indicators also suggested that the company’s shares were oversold.

“Apple is trading at a level that will likely constitute the low-end of the range for the stock over the next few months,” Zaky added. “While Apple may very well revisit these lows at some point in time over the coming weeks, it is still sitting near the low-end of the range. That’s what makes Apple an extraordinary buying opportunity today.”

He recommended that the stock be a top holding for the average fund manager and calls the current price of the shares an “extraordinary” buying opportunity. “Buying Apple down here at $630 a share will make any fund manager’s year. It’s an easy 60 percent gainer over the next 12-month period … It is pretty much a no brainer at these levels.”

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