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Josh Brown: Buy Apple because pullback fears on iPhone announcements are 'fantasy'

  • Josh Brown says that fears about Apple's stock performance in the aftermath of its product launches are largely overblown.
  • "It turns out there's absolutely no rhyme or reason in terms of what the stock does in the immediate aftermath of a product launch and where the stock is three months later, six months later or 12 months later," he said.
  • "Could you get a 5 percent pullback or 10 percent pullback? Yes, but the same is true for any stock and the overall market," he added.

Money manager and popular blogger Josh Brown told CNBC on Wednesday that fears about Apple's stock performance in the aftermath of its product launches are largely overblown.

Brown, who says he's been long the stock for an extended time, argued that it is "a fantasy" that traders can foresee a pullback based on one of Apple's product announcements.

"It turns out there's absolutely no rhyme or reason in terms of what the stock does in the immediate aftermath of a product launch and where the stock is three months later, six months later or 12 months later," the CEO of Ritholtz Wealth Management said.

"Could you get a 5 percent pullback or 10 percent pullback? Yes, but the same is true for any stock and the overall market," Brown, who's also a CNBC contributor, added on "Halftime Report."

When asked whether people should buy the stock, Brown said, "Well, what are you waiting for?"

Shares of Apple were lower Wednesday, one day after the tech company unveiled itswidely anticipated new high-end smartphone, the iPhone X, which came with a number of major changes and costs $999. Some Wall Street analysts attributed the drop to the timing of the iPhone X's availability for consumers.

Although Apple's stock also has a history of moving on new iPhone announcements.

Regarding the phone, Brown predicted that the device will sell well and said Apple consumers are unlikely to switch to another product like Samsung.

"Android people and iPhone people are two different people," he said.