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Terranova: Apple —The Ultimate Consumer Play

Apple continued its upward climb Thursday and, according to one analyst, it could hit $450 a share in 2012.

Just a few days ago, the tech giant's shares were down to their lowest level in almost seven months. So despite its recent weakness, is Apple still the best way to play tech?

Trader Joe Terranova reiterated his call that the Apple was the “ultimate consumer discretionary play.”

He thinks when oil goes down dramaticallyit benefits Apple because consumers want to start spending again.

Karen Finerman didn’t necessarily agree with that assessment. She doesn’t think Apple products are for those who are sensitive to oil prices, although she likes the company. She isn't quite sure what the catalyst was for Apple's rise, but she said the valuation in the tech space “just got too ridiculously cheap.”

Brian Marshall, Managing Director and Senior Analyst at Gleacher & Company, also likes Apple. In fact, he believes shares could hit $450 in April 2012.

“We think Apple is really attractive here,” he said.

Marshall is shocked at how low expectations are for the tech giant’s June quarter.

“I think they’re going to have a good quarter,” he said, “and the valuation is just too anemic.”

He predicts iPhone and iPad sales will beat expectations, and so will earnings. He said he “wouldn’t be surprised to see earnings come in north of $6 for the quarter.”



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On June 23, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Jim Iuorio owns (BMY) calls; Jim Iurio is short (BMY) puts; Finerman Owns (AAPL); Finerman owns (BAC); Finerman owns (NM); Finerman owns (TGT); Pete Najarian is long (AAPL); Pete Najarian is long (C); Pete Najarian is long (F) bonds; Pete Najarian is long (MRVL); Terranova Owns (VRTS); Terranova Owns (IBM); Terranova Owns (FCX); Terranova Owns (CVI); Terranova Owns (F); Terranova Owns (AAPL); Terranova Owns (CAT); Terranova Owns (BX); Terranova Owns (HPQ); Terranova Owns (MA); Terranova Owns (PEP); Terranova Owns (MCD); Terranova Owns (JWN); Terranova Owns (TM); Terranova Owns (LULU); Terranova Owns (WFM); Terranova Owns (DAR); Terranova Owns (BJ); Terranova Owns (XOM); Terranova Is Short (DELL)

For Mike Khouw
Cantor Fitzgerald & Co. Is A Market Maker In (AAPL)
Cantor Fitzgerald & Co. Is A Market Maker In (AMD)
Cantor Fitzgerald & Co. Is A Market Maker In (BAC)
Cantor Fitzgerald & Co. Is A Market Maker In (CSCO)
Cantor Fitzgerald & Co. Is A Market Maker In (C)
Cantor Fitzgerald & Co. Is A Market Maker In (XLF)
Cantor Fitzgerald & Co. Is A Market Maker In (GS)
Cantor Fitzgerald & Co. Is A Market Maker In (GOOG)
Cantor Fitzgerald & Co. Is A Market Maker In (IBM)
Cantor Fitzgerald & Co. Is A Market Maker In (INTC)
Cantor Fitzgerald & Co. Is A Market Maker In (LNKD)
Cantor Fitzgerald & Co. Is A Market Maker In (XLB)
Cantor Fitzgerald & Co. Is A Market Maker In (MS)
Cantor Fitzgerald & Co. Is A Market Maker In (NM)
Cantor Fitzgerald & Co. Is A Market Maker In (P)
Cantor Fitzgerald & Co. Is A Market Maker In (RIMM)
Cantor Fitzgerald & Co. Is A Market Maker In (WFC)

Carter Worth
** No Disclosures

For Karen Finerman
Finerman's Firm Owns (AAPL)
Finerman's Firm Owns (BAC) Leap
Finerman's Firm Is Short (IWM)
Finerman's Firm Is Short (MDY)
Finerman's Firm Is Short (SPY)
Finerman's Firm Is Long S&P 500 Puts
Finerman's Firm Is Long Russell 2000 Puts

For Joe Terranova
Terranova is Chief Market Strategist of Virtus Investment Partners, LTD
Virtus Investment Partners Owns More Than 1% Of (ABAX)
Virtus Investment Partners Owns More Than 1% Of (AMKR)
Virtus Investment Partners Owns More Than 1% Of (CCG)
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Virtus Investment Partners Owns More Than 1% Of (FCFS)
Virtus Investment Partners Owns More Than 1% Of (IGE)
Virtus Investment Partners Owns More Than 1% Of (KRC)
Virtus Investment Partners Owns More Than 1% Of (LDR)
Virtus Investment Partners Owns More Than 1% Of (LHO)
Virtus Investment Partners Owns More Than 1% Of (NRCI)
Virtus Investment Partners Owns More Than 1% Of Sun Pharmaceutical Industries Ltd.
Virtus Investment Partners Owns More Than 1% Of (DBV)
Virtus Investment Partners Owns More Than 1% Of (XLB)
Virtus Investment Partners Owns More Than 1% Of (XLV)
Virtus Investment Partners Owns More Than 1% Of (XLP)
Virtus Investment Partners Owns More Than 1% Of (XLY)
Virtus Investment Partners Owns More Than 1% Of (XLE)
Virtus Investment Partners Owns More Than 1% Of (XLF)
Virtus Investment Partners Owns More Than 1% Of (XLI)
Virtus Investment Partners Owns More Than 1% Of (XLK)
Virtus Investment Partners Owns More Than 1% Of (XLU)
Virtus Investment Partners Owns More Than 1% Of (SUBK)
Virtus Investment Partners Owns More Than 1% Of (WDFC)
Virtus Investment Partners Owns More Than 1% Of (YDNT)
Virtus Investment Partners Owns More Than 1% Of DOMINO'S PIZZA UK & URL PLC

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