Jeff Gundlach says Apple is finished as a growth stock.
Appearing on CNBC this afternoon, the DoubleLine Funds CEO said he now has a neutral view of the stock after shares in the tech giant reached his goal of $US500 — and he admitted that it wouldn’t have even gotten to that level if not for Carl Icahn’s recent comments that he was long the stock.
Instead, he said, shares will now slowly drift upward and stay range-bound in the low $US500s. The stock was trading at about $US495 this morning.
“All the easy money has been made,” Gundlach said, adding, “It’s kind of dead money.”
It can be argued this is the third different position Gundlach has taken on Apple in 10 months.
Last November, he said he was short.
Then, as recently as May, he said it was “sorta cheap” when it was trading around $US450.
And now this.
The stock is up about 0.80% today to $US494.
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