‘Attractive Price’ for Apple Stock: Top Analyst
With Apple shares sliding and a management shake-up announced, the stock still looks poised to climb another $100, ISI Group's Brian Marshall said Wednesday on CNBC.
"If Apple can be successful without Steve Jobs, it can certainly be successful without Scott Forstall running the iOS software group, so I think we can move past that," he said on "Fast Money."
Marshall holds a "buy" rating on Apple stock and a $710 price target.
Apple's release of two new products — the iPhone 5 and the iPad Mini — heading into the holiday season would bode well for the company, Marshall said.
"They're doing this in their strongest seasonal quarter," he added. "I think the next 18 months, the growth opportunity for Apple is tremendous."
Marshall said that the 15 percent pullback from recent peaks is not new, nor was it cause for concern over the long-term.
"I have a feeling we're going to see Apple at a $700 handle in the not-too-distant future," he said.
Trader disclosure: On Oct. 31, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Mike Murphy is long AAPL; Mike Murphy is long WFC; Mike Murphy is long TGT; Mike Murphy is short FB; Enis Taner is long GS; Enis Taner is long AMZN PUTS; Simon Baker is funds long DIS; Simon Baker is funds long GE; Simon Baker is funds long F; Simon Baker is funds long AAPL; Simon Baker is funds long BRCM; Simon Baker is funds long HD; Simon Baker is funds long MAS.
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