NEW YORK (TheStreet) -- After sitting on the sidelines for Black Friday 2015, Apple (AAPL) got back into the game this year, albeit with uninspiring offers. The tech titan gave a gift card only promotion worth up to $150 with the purchase of select items.
"I would not read too much into it," Piper Jaffray senior research analyst Gene Munster said on CNBC's "Squawk Box" Monday morning. "What ends up happening is people have to go and spend more money at Apple. They weren't really discounting the products per say."
Regarding the potential boost this promotion could have on Apple's first quarter financial results, Munster is not expecting much. "It's so small it probably is not going to be measurable," he noted.
"I think what is important is that our retail team has done a survey of 1,000 people in the U.S. in the last month, and the number one requested gift was the iPhone," Munster explained.
Those results demonstrate that consumers covet the iPhone, and that will prove to be the "bigger story," Munster said. Shares of Apple are flat Monday.
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Separately, TheStreet Ratings team rates the stock as a "buy" with a ratings score of B+.
Apple's strengths such as its largely solid financial position with reasonable debt levels by most measures, expanding profit margins and notable return on equity outweigh the fact that the company has had lackluster performance in the stock itself.