Apple investors need a catalyst, and the company's upcoming $32-a-month upgrade subscription plan may be it, Wood said. She added that the subscription plan could make investors perceive Apple more in the same vein as Netflix, a subscription-based business whose stock doubled in 2015.
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"Apple is moving to a subscription model so we're going to see people upgrading every year instead of every two years and our early checks on this $32 per month offering is that roughly 37 percent [of consumers] are going to subscribe in this way," Wood said. "That's a big difference in terms of the valuation for this stock."
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She said Amazon's willingness to invest at the expense of earnings has set it up for years of leverage, and that Apple is going to have to also invest more in order to keep up.
Disclosure: Wood owns all companies mentioned through her fund.