Market pro Jason Raznick said Apple “continues to hit on all cylinders,” after Brian White, senior analyst at Topeka Capital Markets, gave his bullish take on the launch of Apple’s new iPad mini on CNBC’s “Fast Money.”
White first announced that a new mini device was in the works back in October 2011 and new reports now suggest that Apple is moving closer to launching its smaller, cheaper tablet. He expects the iPad mini to launch sometime in September and that the company will bundle that announcement along with the release of its much-anticipated iPhone 5.
The senior analyst also sees plenty of upside for Apple and holds his year-end price target steady at $1,001 — roughly 18 times earnings. In other words, he says the good news hasn’t been priced into the stock yet. And with a slew of other new products in the pipeline — including the iPhone 5, a potential Apple TV and the iPhone coming to China Mobile — he thinks fall could see the “biggest consumer electronics launch in history.”
White added that the cheaper 7.5-in tablet will allow Apple to really expand their market share and target developing markets with a lower and more attractive price point. The stock currently trades at 9 times earnings and has grown 86 percent year-over-year for the past seven years.
Posted by CNBC's Kirsten Chang
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Trader disclosure: On July 5, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Josh Brown is long XBI; Josh Brown is long JPM; Josh Brown is long COP; Josh Brown is long AAPL; Stephanie Link is long JPM; Stephanie Link is long DD; Stephanie Link is long TJX; Stephanie Link is long DVN; Simon Baker is long AKS; Simon Baker is long GLD; Simon Baker is long WFC; Simon Baker is long JCP; Simon Baker is long GLW
For Jason Raznick
Jason Raznick is long AAPL
Jason Raznick is long MSFT
For Paul Richards
Nothing to Disclose
For Dennis Gartman
Dennis Gartman is long Corn
For Brian White
No part of the compensation received by the analyst principally responsible for the preparation of this report was, is, or will be directly, or indirectly, related to the specific recommendations or views contained in this research report.
For Dan Greenhaus
Dan Greenhaus is long GLD
CNBC.com with wires.