Apple (NASDAQ:AAPL) shares bounced back Thursday, but losses since its record highs remain sharp.
The stock has fallen 9% since that September peak, shedding roughly $229 billion in market cap. That’s equivalent to the market cap of 94% of the S&P 500 companies. Most recently, the shares dropped on reports it would cut iPhone production in response to a shortage of chips.
While the firm still holds its position, it has reduced its exposure to around 2% of total holdings. After this recent selloff, some experts said it could be time for investors to add to their own position.
Jeff Kilburg, chief investment officer at Sanctuary Wealth, sees the latest weakness tied to the chip shortage as just background noise for Apple.
"These semis shortages are expected but nonetheless if we see Apple deliver 10 million less iPhones, I think that is just splitting hairs. At the end of the day, we are seeing the 200-day moving average at $135 and I think that presents a great opportunity," Kilburg said during the same interview.
Apple traded at $143 on Thursday afternoon. A decline to $135 implies 6% downside.
"It’s an essential name that you have to own and they’ve presented a nice little pullback here so I think you absolutely embrace it with open arms," Kilburg added.
AAPL opened Friday up 56 cents to $144.32.
