On CNBC's "Fast Money" TV show, Guy Adami, managing director of stockmonster.com, said he still believes shares of Apple will decline to roughly $88.
Karen Finerman, president of Metropolitan Capital Advisors, said she is staying long Apple but buying back her short $105 call options that were used to hedge her long position. She is a seller of eBay (EBAY) following the introduction of Apple Pay.
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Brian Kelly, founder of Brian Kelly Capital, believes shares of Apple will decline to roughly $92.
Tim Seymour, managing partner of Triogem Asset Management, said the Apple Watch is not exactly revolutionary, considering other companies have already created a similar device. He added that Apple's new products are exciting for the future, not necessarily the short term. He is a buyer of the stock below $95.
Colin Gillis, senior technology analyst and director of research at BGC Financial, has a neutral rating on Apple with a $98 price target. He said Apple is able to sell its smartphones for a premium because it is a high-end item. The decision to not include sapphire glass in the device should help boost margins. He added that Apple Pay sounds exciting but is unlikely to have a significant impact on total revenue. The Apple Watch, even with an optimistic guidance, may only represent 6% of total revenue, which isn't very significant either.
Paul Hickey, co-founder of Bespoke Investment Group, said Apple tends to underperform following the introduction of its latest iPhone, with the stock down 0.5% after one week and 2% over the next month, on average. The technology sector also tends to lag the S&P 500 over those timeframes, he said. However, he did attribute some of the overall underperformance to the typical seasonal weakness in the equities market. He added that more than half of current iPhone users still have the iPhone 4S or earlier model, meaning the upgrade cycle should be strong.
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