BGC Financial Sees AAPL At $350

Collin Gillis of BGC Finanacial said on CNBC's Fast Money that he initiated Apple (NASDAQ: AAPL) with a buy rating and a price target of $350.

He compared Apple (AAPL) to Fast Money, and said that people love and trust the product, and always want more. Mr. Gillis thinks that a front facing video chat camera on the new iPhone will be a catalyst that will drastically increase the sales of iPhones. He added that it took 3 years to sell 50 million phones for Apple (AAPL) and it will take a year and a half to sell another 50 million.

Everyone will feel the impact, if the economy slows down. But if that happens, Apple (AAPL) will feel less impact, because some of the devices AAPL is selling have almost become non discretionary. We need food, we need water and we need to be connected to the internet, added Collin Gillis.

Google's (NASDAQ: GOOG) Android is a real threat, but iPad is now the key product for Apple (AAPL).