

Investors with a time horizon of more than six months should begin picking up shares of Apple now, says one fund manager.
Don Lato, President, Padlock Investment Management was on BNN’s Market Call with host Mark Bunting Friday to talk about the struggling tech giant.
Lato says Apple’s slide is overdone, and a catalyst such as a new product announcement could reverse the company’s fortunes on Wall Street.
“At ten times earnings, with tremendous R&D capability behind it and the ecosystems that is going to keep their existing customers there, now is the time to be buying Apple,” he says.
But what about timeline?
“Maybe for the not the next since months, even though it wouldn’t surprise me to get a big move, but certainly over the next two or three years,” says Lato.
The Padlock Investment Management boss notes that a move to just twelve times earnings would move Apple back above the $600 mark -almost $200 higher than Friday’s close of $417.42. “Not a huge leap of faith,” he says. “If you step in here you are going to be rewarded,” he added.
Apple will report its Q3, 2013 earnings on Tuesday, July 23rd, after market close. The company has provided guidance that says it expects revenue of between $33.5 and $35.5 billion and gross margin between 36% and 37%.
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