Buy Apple Shares Now—Before iPad Launch: Strategist
The Nasdaq is trading at its highest level in 18 months and the one-year anniversary of the market lows is here. Is now the time to invest in technology? David Garrity, principal at GVA Research, and Roger Kay, president and founder of Endpoint Technologies, discussed their ideas. (See Kay's 6 stock picks, below.)
“Over the last two years, Apple really has been leading the tech sector higher,” Garrity told CNBC.
“The global aspect of Apple is quite significant—and is one that gives the story further legs beyond here.”
Garrity advised investors to buy Apple shares ahead of the iPad launch in early April.
“It’s worked for investors around other product cycles in the past, like the iPhone,” he said. “We think now is a good time to buy and $250 over the next 6 to 12 months is a reasonable target to have.”
In the meantime, Kay also said Apple is a “good buy” and added that the iPad, despite skepticism from critics, will do well.
“I think the story with business spending is that it’s going to pick up continuously through the year, and this is going to be a year of recovery where 2011 will be a year of real building,” Kay said of the overall technology sector.
“So those cycles are beginning, but they still have a ways to go.”
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No immediate information was available for Garrity or Kay.