Apple is “just dirt cheap,” Piper Jaffray analyst Gene Munster said Wednesday. “This is a great time to own it.”
Munster dismissed issues surrounding the tech giant that include the delay in releasing the iPhone 5 and its iPad supply issues.
“People are going to buy their products anyway,” Munster said. “They’re the best products on the market, so these delays don’t impact demand.”
And the analyst, who reiterated his 'overweight' rating and $554 price target Wednesday morning, believes there is still room for growth. He anticipated 20 to 30 percent earnings growth in a couple years. He also said AAPL can earn $48 in 2014, which he calls a conservative number.
Not only is there room for expansion in the iPhone and iPad markets, Munster expects Apple to come out with a television within the next two to three years. And once people start talking about that new product category, it should send the multiple higher. But even if the multiple doesn’t move up, Munster said you can still own it for positive earnings revisions.