In a video interview posted online today, “Robert Turner, chairman and chief investment officer of Turner Investment Partners, talks about his investment strategy for growth stocks and his recommendations of Apple Inc. and Salesforce.com Inc. shares,” Bloomberg reports.
“People gravitate toward those stocks that are able to have good earnings regardless of what’s happening in the economy. So, a company like Apple, for example, whether the economy grows 2 or 3 percent, they’re still going to have pretty good earnings this year,” Turner said.
MacDailyNews Take: Understatement of the Week: Describing Apple’s 2011 earnings as “pretty good.”
Turner said, “Apple, among all stocks, I think offers almost the best risk/reward of any stock available… This company’s probably going to earn over $30 a share in the next 12 months or so, so with the stock trading in the mid-$330s, it’s just over 11 times earnings with a growth rate that’s 20 percent year-over-year; so, with that type of growth rate, with that type of valuation, I don’t think the stock goes down very much and with, ultimately, the release of the iPhone 5 and some new products, the stock can begin to work its way higher.”
As for iPhone 5’s release date, Turner says, “It doesn’t look like June at all this time, so, I would say, some of the delay may be just finding ways to make this a very attractive phone.”
Turner speaks with Matt Miller on Bloomberg Television’s Street Smart:
Full video here.
[Thanks to MacDailyNews Reader “Lynn W.” for the heads up.]