Gundlach on Apple: ‘Dead Money’
A well-known Apple (NASDAQ:AAPL) investor believes that a $530 Apple stock price is the best that investors can hope for in the next several months. Jeffrey Gundlach, the CEO and chief information officer of DoubleLine Capitial, recently told CNBC viewers that “Apple is a dead money stock for quite a while to come, once it settles in around $530,” TheStreet reports.
In June, Gundlach said that “$500 should be a fairly easy place for the stock to go to.” Apple went above $500 earlier this month, but Gundlach now feels that the stock will not go much higher than that in the coming months.
Apple is currently trading at $487.23, down 0.91 percent. Gundlach is perhaps best known for making a famously accurate call when he began shorting Apple in April 2012, when it was still trading for around $610.
Besides commenting on Apple stock, Gundlach also weighed in on electric vehicle maker Tesla Motors (NASDAQ:TSLA). “I’m scared to death to short Tesla,” stated Gundlach, “It’s a cultish stock and who knows where it goes?”
Here’s how Apple has traded so far this week.
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