Apple (AAPL): Buffett Goes Apple Picking - Drexel Hamilton

Drexel Hamilton analyst, Brian White, noted that this morning, Warren Buffett's Berkshire Hathaway filed a Form 13F with the SEC and disclosed a 9.81 million share position in Apple (NASDAQ: AAPL) worth $1.069 billion at the end of 1Q:16. Apple is currently trading at just under 7x (ex-cash) our CY:17 EPS estimate.

"In our view, Buffett's investment in Apple speaks to a much bigger theme around the Apple story - the stock is meaningfully undervalued for such an excellent company with attractive long-term growth prospects," White commented.

In the his view, the market gives Apple no credit for its expansive digital matrix across software, services and hardware that deliver a seamless experience for an installed base of 1 billion active devices. Also, Apple enjoys one of the most iconic and powerful brands in the world.

No change to Buy rating or $185 PT.

For an analyst ratings summary and ratings history on Apple click here. For more ratings news on Apple click here.

Shares of Apple closed at $90.52 yesterday.

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