After Apple unveiled its next generation iPad on Wednesday, Jim Cramer predicted the device would not only be a big seller, but an “incredible new driver” for its stock, too.
The new iPad is the company's first tablet to operate on the high-speed 4G network. It features a "retina" high-resolution display. To the “Mad Money” host, though, the selling point is how versatile it is.
“Judging by the specs of this new device, it has the power and the smarts to unseat the laptop and the desktop at both the home and the office,” Cramer said. “The longer battery life. The 4G connectivity. it's a desktop computer, a television, and, oh yeah, a game console that fits into your briefcase with room to spare.”
Following the announcement, Apple closed flat after briefly dipping into negative territory. The stock is too difficult to trade, Cramer said, but is a good long-term investment. After all, it’s cheap on earnings.
When this story was published, Cramer's charitable trust owned Apple.
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