Jim Cramer: Don't Play Apple's iPhone Event
Apple announced that it will be hosting an event on Sept. 15.
The event is taking place amid speculation that the tech giant will unveil a new suite of 5G-compliant iPhones despite coronavirus-linked production delays.
Apple said the event will take place at 10:00 am Pacific Time on Tuesday, Sept. 15 at the Steve Jobs Theater on the company's Cupertino, California campus. Japan's Nikkei Asian Review reported early Tuesday that Apple is preparing to begin production on its range of 5G iPhones later this month, a decision that would narrow delays in production and potentially available for large-scale buying into the holiday season.
In a note to clients, Goldman analyst Rod Hall wrote that the company’s growth rates “aren’t consistent with the narrative that has driven the stock to its highest premium vs. the S&P 500 since 2011,” and that other tech giants like Amazon and Microsoft “are delivering the numbers and yet are valued at about the same multiple as Apple.”
But, Wedbush analyst Dan Ives, who carries the highest price target for Apple on Wall Street -- $700 in his 'bull scenario' -- said Tuesday that "Asia supply chain checks over the last few weeks conducted by our TMT team have given us further conviction into our iPhone 12 5G supercycle thesis heading into this Fall."
Jim Cramer has been preaching, "own Apple don't trade it" for a while now.
So, how does he think investors should approach the Apple event?
Latest Videos From TheStreet and Jim Cramer:
- Netflix Tears Up C-Suite Script as It Looks to Boost Content
- Coronavirus Update: AstraZeneca Puts COVID-19 Vaccine Trial on Hold
- Why Stocks Are Rebounding Wednesday
- What Is Apple Worth? Less Than Investors Think, Says Goldman
- Jim Cramer's Advice for Investors During Continued Tech Selloff
- There Are Two Tesla's, Says Jim Cramer