Apple's new product lines could provide earnings growth and share price appreciation, ISI Group's Brian Marshall said Friday.
First, Marshall acknowledged that Apple wasn't necessarily the best stock play out there.
"But it offers the highest dividend yield in our coverage universe, about 300 basis points," he added.
"And we think that the product introductions over the next couple of quarters are going to be enough to re-accelerate the earnings growth, and so I think the stock is going to slowly start to factor in some of this going forward."
Shares of Apple traded midday at $417.13, down 0.87 percent.
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On CNBC's "Fast Money," Marhsall said that while Apple already held the high end of the marketplace, the company needed a new 5-inch smartphone, as well as a low-cost version of its iPhone, noting that product penetration in emerging markets was half of what it was in the United States.
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Marshall also saw big areas of opportunity in the possibility of Apple's iPhone being added to Japan's largest mobile carrier, as well as the world's largest carrier, China Mobile, which boasts a subscriber base of more 700 million — twice the U.S. population.
"It's just a huge untapped opportunity," he said. "Once they start to support the iPhone, I think that's going to be pretty powerful and get this growth re-catalyzed, if you will."
Marshall, who holds a "strong buy" rating on Apple stock, said that the company's prospects weren't as rosy as they used to be.
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"The fundamentals are definitely not as bright as they once were a couple of years ago, no question about it," he added.
"But at the end of the day, we still think Apple represents a good investment opportunity at these levels. Our current price target is $600. We think there's a pretty good chance we could get to $550, $600."