Market strategist: Apple stock is a major buy right now

A dip in in Apple’s stock after a report of weakening iPhone demand may offer a rare buying opportunity into Cupertino Colossus, says one market strategist.
Apple Park in Cupertino, California
Brian Sozzi for Yahoo Finance:

“We actually like Apple, and we are adding to our position,” said Victoria Fernandez, Crossmark Global Investments chief markets strategist, on Yahoo Finance Live, adding Apple’s fundamentals are “strong.”
Apple bulls remain aplenty on Wall Street even on iPhone demand concerns.
“Our iPhone 13 checks continue to be much stronger than expected with our belief that Apple is now on pace to sell north of 40 million iPhones during the holiday season despite the chip shortage headwinds. The focus of the Street has been on the lingering chip shortage for Apple (and every other tech and automotive player), however the underlying iPhone 13 demand story for Cupertino both domestically and in China is trending well ahead of Street expectations in our opinion,” said Wedbush tech analyst Dan Ives in a research note this week.
Ives said Apple is his top tech stock pick, and believes it has the potential to reach $200 a share over the next 12 months.

MacDailyNews Note: Shares of Apple are currently down a mere $1.00 (-0.61%) to $163.77.
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