After a bracing drop, Apple could now be an epic buy


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Apple employees cheer as the doors are opened for customers at the Fifth Avenue Apple Store, September 22, 2017 in New York City.

Nomura Instinet analyst Jeffrey Kvaal struck a similar tone Friday.

“Our iPhone 8 shipment time tracker indicates pre-orders are not as robust as during the 7 cycle. We believe slow carrier promotions and relatively modest feature upgrades to the 8 are shifting demand to the X, which is a positive for Apple,” Kvaal wrote, albeit adding: “We cannot rule out the possibility, however, that installment plans and high [average selling prices] are inhibiting demand.”

David Seaburg, head of equity sales trading at Cowen & Co., considers the stock to be a slam dunk at current levels.

“The X, in particular, will show up in Q4 numbers,” Seaburg said Friday on CNBC’s “Power Lunch.” “You should absolutely be buying the stock here,” and “you could trade it up to $180,” referring to a level 19 percent above Apple’s $151.89 Friday closing price.

Robert Sluymer, head of technical research at Fundstrat Global Advisors, strikes a similar tone.

Apple’s drop from its high of $164.94 has taken it right down to an area of “very good trading support” which lies from $147 to $150, Sluymer said Friday on “Power Lunch.”

The fact that the stock has been such a powerful market leader means that “you want to own the name,” and since its short-term performance has brought it to a key level of support, “I think this is where you begin to nibble,” Sluymer said.

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