“Apple (AAPL) finally has a friend in Jeffrey Gundlach,” Chris Ciaccia| reports for TheStreet.
“In an interview Thursday with TheStreet at DoubleLine Capital’s Los Angeles headquarters, Gundlach said that the investment firm actually owns Apple in one of its equity portfolio,” Ciaccia| reports. “‘We bought it at $405 the first time, and I think our average cost is below $425. I said Apple would go below $425. I wasn’t committed to buying it, but I think Apple is an interesting play,’ Gundlach said during the interview.”
Ciaccia| reports, “‘Apple’s sorta cheap,’ Gundlach said. Excluding the company’s enormous cash hoard, shares are trading at roughly seven times earnings, and are priced as if no new products are coming to market. ‘I sorta like Apple.'”
Read more in the full article here.
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