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Apple's impressive second quarter earnings should get more mutual funds to buy the company's stock, as many are currently underweight, said one analyst.
Despite the face that the company has repeatedly beat estimates in recent quarters, a surprising number of funds are underweight the stock, Ross Gerber, of Gerber Kawasaki, told CNBC's Closing Bell.
"These are amazing numbers," he said. "And we haven't even talked Watch yet," he said.
In addition to beating on both the top and bottom line, Apple said it is expanding its capital return program to a whopping $200 billion.
"I think you got to own it. Give me one reason to not own these shares," said Lou Basenese, of Disruptive Tech Research. "There's no leg for the bear thesis to stand on. You own it and forget about it for awhile."
The tech giant beat analysts' estimates, posting earnings of $2.33 on revenue of $200 billion.
Strong growth in greater China helped drive robust iPhone sales. Apple sold 61.2 million iPhones in its second quarter and 12.6 million iPads. The average selling price for the phones was $659, beating analysts estimates of $654.
While the company's iPad sales declined again this quarter, investors shouldn't give that much attention, Basenese said.
"I don't really think there's any disappointment. If you remember they came off of those mind-melting numbers from the holiday quarter. What better of an encore can people expect?" Basenese said. "That iPad sales figure really doesn't matter as much as we continue to move forward."
The company's cash pile grew to $194 billion.
CEO Tim Cook told CNBC that he was confident in the company's future and that "Apple is undervalued."
The Cupertino,California-based company also sold 4.6 million Macs.