Sanford C. Bernstein’s Toni Sacconaghi believes Apple (AAPL) no longer represents the “shining example” of a breakneck-growth company and shareholders should now consider Apple a “trading stock.”
“Yes, investors should be looking at this company differently,” Sacconaghi said Friday on CNBC. “We view it as a trading stock more than a company that we can confidently say is going to have higher earnings two or three years from now. The risk/reward on the trade right now is favorable.”
Sacconaghi’s comments came as Apple was hosting its annual shareholder’s meeting at the company’s headquarters in Cupertino, California.