Following its 29% correction, we believe value has been restored to this top-quality operator which can be considered as both a tech growth stock and a defensive play due to its huge cashflow and phenomenal balance sheet e.g. in April the board authorized $US90bn in buybacks. The company remains vulnerable to supply chain issues and China’s lockdown tendency towards Covid but we feel these are just a blip in the road with the stock markets valuation contraction/expansion as bond yields are likely to largely dictate the companies underlying share price.
- We definitely believe AAPL is in an accumulation area but we wouldn’t be going “all in” due to the market’s overall position.
MM likes Apple around $US150
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