Apple Finds a Friend in Jeffrey Gundlach

NEW YORK ( TheStreet) -- Apple ( AAPL) finally has a "friend" in Jeffrey Gundlach.

DoubleLine Capital's Gundlach, in an appearance on CNBC, said he'd rather own Apple for the next six months, as opposed to shorting it, though he noted he did not have a position in the technology giant. "It's a free cash flow machine," Gundlach said, in the interview. He noted that the company, excluding its cash, is trading around 6 or 7 times earnings, which is very cheap for the business.

In early March, Gundlach noted that Apple was "really oversold."

During the interview, Gundlach said that Apple is not going to be the company it was in the past, unless it's able to come up with another hit product. There's been a lot of incremental improvements in its products, Gundlach noted. Apple is reportedly planning to launch an iWatch later this year, which could provide additional revenue for the tech giant. Apple CEO Tim Cook has previously talked about new products, categories, services and software slated for the fall and 2014.

At last year's Ira Sohn Conference, Gundlach said that he was short the technology giant as part of a pair trade with natural gas. He said it would go to $425 per share, which it ultimately did, dropping below $400 at one point. He's since covered his short position in the name.

At this year's conference, Gundlach gave a slew of short ideas, including Chipotle Mexican Grill ( CMG), French bonds, bank deposits and gold.

Shares of Apple were slightly higher, up 0.12% to $461.36.

-- Written by Chris Ciaccia in New York

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