Investors should consider buying Apple shares after the iPhone maker’s stock fell this week, according to Ray Wang, the chairman and principal analyst of Silicon Valley-based analysis firm Constellation Research.
Apple’s share price fell 3.5% on Thursday, and was down by another 0.7% in pre-market trading on Friday at $136.14.
The fall in share price comes after the company announced a record quarter on Wednesday, posting quarterly revenues of over $100 billion for the first time ever. Most of Apple’s business lines, including iPhone and services, had higher-than-expected sales, but the stock fell anyway.
“I think people are cashing out of it (Apple),” Wang told CNBC on Thursday. “But it’s a good dip for a buy for a lot of fundamental reasons.”
Wang listed three main reasons why Apple’s stock is a good buy right now.
