Apple’s (NASDAQ:AAPL) recent troubles have not shaken the confidence of Grisanti Capital Management’s Christopher Grisanti, who said the stock remained a top-three pick for him. Apple closed 0.85 percent down at $560.91 on Tuesday, but is down a little more than 20 percent from a closing high of $702.10 it reached in September.
Grisanti told Bloomberg TV that he saw Apple as a big oversold value opportunity and also defended chief executive Tim Cook’s position at the tech giant’s helm. “We’re very optimistic on Apple,” Grisanti said. “I think, for example, Tim Cook gets a bad rap. What he lacks in the vision of Steve Jobs, which is the rap, he more than makes up for in business acumen.”
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The expert added that while the impending fiscal cliff and the additional investment taxes it would bring was a factor in the increased selling in Apple, he saw the current environment as a chance to buy. “[The fiscal cliff] could be a contributing factor, but that is not a good play generally because loss-selling will be over when it’s over,” he said. “We’re using this as an opportunity to add to underinvested accounts for the Apple and we’re very excited about it.”
Grisanti said that he had high hopes from Apple in the usually strong holiday quarter, especially in terms of pure sales. “For the first time ever, Apple will have four new products ready for the holiday season, all at the same time,” he said. “So what I look for in this all-important fourth quarter is lower margins because new products are hard to get up to speed, especially complicated ones like the iPhone 5, but I also look for a total blowout on the sales side.”