NEW YORK (TheStreet) --CEO of Ritholtz Wealth Management Josh Brown called Apple (AAPL) - Get Reportone of the most reliable tech businesses maybe in history, during Wednesday's "Fast Money Halftime Report" on CNBC.
His bullish sentiment comes just one day after the Cupertino, CA-based tech titan reported better-than-anticipated earnings results for the 2016 fourth-quarter.
Apple posted earnings of $1.67 per share, topping analysts' expectations of $1.66 per share. Revenue came in at $46.9 billion, in line with Wall Street's projections. However, Apple's revenue declined for the first time in 15 years during the fourth-quarter. Despite the revenue decline, Apple remains as strong as ever.
"They can't make iPhones fast enough, but they can make a lot and they can sell a lot. This is a company selling 46 million phones, unfortunately down from 48 million phones but, let's not lose the big picture," Brown explained.
That bigger picture is that Apple's ecosystem of iPhone customers are "clients for life," and they are locked in. Additionally, the company's service revenue was also quite impressive, Brown noted.
"Services revenue up 24% this quarter this is the thing that everyone was talking about and wanted to see," he added.
"Quite frankly, you're talking about a company that now makes $9 billion a quarter, hundred million in profit a day. This is berserk what this company has been able to do," Brown said.
Shares of Apple were lower in mid-afternoon trading on Wednesday.
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Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
TheStreet Ratings rated this stock as a "buy" with a ratings score of B+.
The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, expanding profit margins, increase in stock price during the past year and notable return on equity. We feel its strengths outweigh the fact that the company has had sub par growth in net income.
You can view the full analysis from the report here: AAPL