‘Apple is probably one of the best plays in 5G’
“One of the biggest companies has the most upside, and that’s Apple,” he said. “If you fast forward, Apple is probably one of the best plays in 5G — a topic that has largely moved to the second page given the pandemic. But this is a massive tech theme.”He’s also positive on Tesla, which has surged 270% so far this year. The electric vehicle maker’s shares are trading around all-time highs.
“It’s really a wildcard here, but Tesla, if they do hit profitability in the quarter, they would be added to the S&P 500. That could be a catalyst,” Munster noted.
As the year continues, Munster predicts, there will be a shift away from stay-at-home names in a post-coronavirus pandemic world.
In addition to Netflix, he highlights videoconferencing platform Zoom as a company that faces headwinds. The stock is off about 9% since hitting a record high on Tuesday.
“These are all companies trending at or above 100 P/E [price to earnings] and structurally should see some deceleration in their new user growth,” Munster said. “While that is anticipated, I think when that actually happens nonetheless, that will be viewed as a negative.”
Disclosure: Gene Munster owns Zillow shares.
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