Apple (AAPL) presents investors with a long-term opportunity given the technology company’s strong fundamentals, even with a bumpy ride following announcements of its iPhones and China deals, says Stuart Shikiar, Chairman and Chief Investment Officer at Shikiar Asset Management Inc.
“We believe longer term Apple has another act coming and a number of additional exciting chapters to write in its history,” Shikiar said. “We think Apple is going to start doing better again, and we are happy to have our position even though it’s been a little bumpy for the last year or so.”
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Shikiar says that AAPL, which most recently released its new iOS 7 platform for mobile devices, remains a considerable holding in his portfolio, even has he has right-sized the stock. He says he initially took a stake with the company after learning in 2003 about how Apple was using iTunes to change the current music-delivery paradigms.
“The stock treated us extraordinarily well and when it peaked in September of last year, the shares got as high as $700 and then started slipping. Even though we liked the long-term fundamentals of the company, we reduced our position size from being very large to being right-sized. For the last year or so, the stock has gone down and is now beginning to stabilize once again, and it still remains an important holding with considerable value,” Shikiar said.
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