Apple shares spiked Thursday after a number of analysts raised their estimates for iPhone shipments in the fourth quarter. But the “Fast Money” pros were divided over whether the stock was a buy.
Trutina Financial’s Patty Edwards wants to own it. While many have focused recently on competition from Amazon’s Kindle sales, she thinks the tablet market is so big that Apple will do just fine.
Plus, she said, there is buzz on the Street over what the next “it” is that Steve Jobs was working on for Apple TV.
“I think Apple is one of those stocks you have to own because if ‘it’ is really big then you have to be there,” Edwards said.
However, she thinks since the stock is so big, it's going to take a lot to move it.
"I think you’re going to get your alpha in terms of technology out of other stocks," Edwards said.
(Related: Analyst Bullish on Amazon, Apple for 2012)
Veracruz’s Steve Cortes said as long as Apple stays below $400, he’s betting on the short side.
“It has really underperformed the market for several months,” he said. “I don’t have fundamental problems with their products. To me, it’s the price action of the stock.”
