U.S. hedge fund manager David Einhorn said Tuesday in an interview with CNBC television that he is still very bullish on Apple (AAPL) stock, and believes its market value may exceed $1 trillion.
Investing in Apple is not just for expectation on a quarter, but for the optimism about the outlook for the next two or three years as well as future development trends, they may hold the stock for a long term, said Einhorn.
He believed Apple stock is substantially undervalued and this is the best stock they hold, given the company has a dominant position in its field, but with a P/E ratio lower than the average of the S & P 500 index. Einhorn think this is very unusual.
Apple stock price opened higher and moved lower Tuesday, and closed down $5.68, or 0.93%, to close at $ 608.21. The corresponding market value is $568.7 billion, 43.13% off the expected market cap of $1 trillion.
