Image via TipRanks
When you’re a hammer, they say, everything looks like a nail. When you’re Wedbush analyst Daniel Ives, everything looks like a reason to love Apple shares. I’m not saying he’s wrong. I just saying… he’s Wedbush analyst Daniel Ives.
Apple 3.0 ran part of a note he wrote Thursday, wherein he listed Apple as one of the tech stocks to own amid the tech stock selloff. Quoting his note from before the markets opened Thursday:
The Black Swan event from the Ukraine invasion [Wednesday] night by Russia will send shockwaves across the global markets [Thursday] morning with tech names expected to see significant pain when the US market opens.
He expected a freakout and he saw a freakout. But, he says he’s seen a few since the dot-com bubble went “pop” in the early 2000s. With that in mind, he wrote:
While each geopolitical shock event is different and unique, our playbook since 2000 has been to use these periods of global chaos to buy the tech winners that we view as way oversold in a panic-like sell off. Overall, we believe large cap tech will outperform small caps and a rotation to the tech stalwarts with defensive business model and high [Free Cash Flow].
Top names to own on this sell off in our opinion are Microsoft, Apple, Oracle, Adobe, Salesforce, as well as core chip names which should be safety plays in this turmoil.
Ives has a “Buy” rating on Apple shares. His price target on the shares is $200.
