Analyst Considers Apple A Good Buy (AAPL); CNBC

Apple (NASDAQ: AAPL) is riding high on the iPad wave. Talking with CNBC, Toni Sacconaghi, senior research analyst at Sanford C. Bernstein, said that Apple is a good buy. Sacconaghi said that iPad’s near-term contribution to Apple’s financials is small. According to him, every 1 million iPads sold will add a mere cent to Apple’s earnings.

Sacconaghi has maintained an “Outperformer” rating on the stock. He expects Apple to sell 5 million iPads in the first year. He said, “When looking in terms of cash generative powers, Apple remains attractively valued at current levels. And the iPhone continues to be the dominant driver or earnings and remains on a very steep trajectory.”