NEW YORK ( TheStreet) -- DoubleLine Capital's Jeffrey Gundlach believes that Apple ( AAPL) shares are likely to see $500 "fairly easily." However, $700 may not happen ever again. In an interview on CNBC, Gundlach confirmed that DoubleLine still owns Apple in one of its equity portfolios. Gundlach noted that Apple is offering investors income in a world starved for yield, as central banks have cut interest rates in an effort to stimulate growth. Gundlach also noted that shares of Apple seem to be forming a base, but that Apple would no longer have the performance it did in the past. "But I think Apple goes to $500 anyway," Gundlach said during the interview. "It just seems too cheap to me given the kind of cash flow they have. I'm not sure we're ever going to see $700 again, but it seems like $500 should be a fairly easy place for it to go."
Apple is offering a 2.7% yield on its common stock, above the 1.95% yield on the S&P 500. TheStreet broke the news last month that DoubleLine owned Apple. Gundlach had previously been short Apple, saying he believed Apple would fall to $425, which it did, and then some.