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The Street is Too Negative on Apple: Analyst

"Wall Street is too concerned about near-term unit sales"

Apple will have a good 2016 because of low sentiment, better growth comparisons, and new products, according to one tech analyst.

Tim Long of BMO Capital Markets says Wall Street is too concerned about near-term unit sales and sees a buying opportunity at these current levels.

"We're still pretty optimistic on the long-term and we think in the near-term the Street is just being too negative on some of the reads from the supply chain," Long said.

Despite his optimistic view, Long did reduce his estimates for iPhone sales for the March quarter and trimmed his price target by three dollars to $142

"We were in Asia last week meeting with suppliers and customers" Long said, "…our view is that the supply chain is not nearly as negative as people think."

Also making Long bullish is the newly implemented phone upgrade plans which he says could drive further upside for future sales.

"We think these new models for selling these devices is going to create a good upgrade rate and keep people with the higher-end devices, so Apple will be able to maintain their history of having very stable, if not growing, average selling prices."

Apple sold 48 million iPhones and generated over $32 billion in revenue in the fourth quarter, representing 22% and 36% year-over-year increases respectively.

Despite these strong sales figures, Apple has lagged other tech stock standouts in 2015, with shares still in correction territory from their April highs.