Paul La Monica: 'No Matter How You Slice It,' Apple's Stock Is 'Dirt Cheap'
Paul La Monica is a weekly guest on #PreMarket Prep, a daily trading idea radio show hosted by Joel Elconin and Dennis Dick. Tune in to the daily broadcast live Monday-Friday at 8 a.m. ET here.
Discussing tech stocks during Friday's edition of Benzinga's #PreMarket Prep, Paul La Monica argued that shares of Apple Inc. (NASDAQ: AAPL) are "dirt cheap," especially when factoring in how much cash the company holds in its coffers, which offers the flexibility to pursue any new market.
Is It A Car?
La Monica, a CNNMoney digital correspondent, said that "everyone is speculating that it's the car," and this theory is further backed up by the number of high profile recent hires Apple has made within the automotive industry.
La Monica went on to cite a CNNMoney article that reported Apple just hired a "classic auto executive" named Doug Betts. Betts spent a decade at Michelin tire company, eight years at Toyota, seven years at Chrysler and three years at Nissan.
Is It A TV?
La Monica continued that Apple's TV aspirations are likely to focus on its already existing top box Apple TV, rather than developing an actual "full blown, flat screen, Apple connected" TV. He also noted that the Apple Watch is unlikely to be the "type of product that the iPhone is."
With that said, La Monica hinted that investors may have some reason to suspect Apple will enter the auto market, despite the company's claims it is not entering the space.
Regardless...
Car or no car, La Monica stated that shares of Apple are "an amazing bargain no matter how you slice it."
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