Friday 23 February 2018’s Tuesday stock pick

Apple: BUY

Technology giant Apple offers exposure to what we believe are amongst the two fastest growing themes; smartphone and tablet markets.

It is estimated that 340 million app-enabled smartphones will be purchased in 2011 compared to expected PC sales of 400 million.

We also see large growth in Tablets (60 million sales in 2011, up over 200pc year-on-year).

Medium term catalysts include a lower priced iPhone, increasing the number of carriers, store openings in China and a decline in component prices.

Apple is forecast to end the year with around $80bn (€56bn) or $87 (€61) a share) in net cash.

The valuation is very undemanding considering the cash generation and exposure to double digit growth trends. stock picks are not explicit or implicit recommendations to buy or sell the shares mentioned, under the Market Abuse Regulations 2005. Merrion Stockbrokers may be corporate adviser to some of the shares chosen.

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