Oppenheimer: 'Investors Are Looking For Reasons Not To Like Apple's Stock'

Andrew Uerkwitz, Oppenheimer analyst, published a report on Monday in which he reiterated his Outperform rating on Apple Inc. (NASDAQ: AAPL) with a price target of $155.

Shares of Apple have had a rough run since the company reported earnings on July 21 and fears of Chinese economy slowing down and affecting the company's iPhone sales seems to be weighing on the stock.

However, Uerkwitz thinks fears of Chinese economy slowing affecting Apple sales are overblown and how investors are just looking for reasons not to like Apple's stock. He was on CNBC to explain why.

China Won't Affect Sales

"I'm not worried yet about the Chinese economy affecting phone sales at this point," Uerkwitz said. "We're still need big transition towards 4G from 2(G) and 3G. So there's plenty of room there. And there's actually been evidence over the last nine months where consumers are willing to pay up for quality design, something we haven't really seen in quite a long time."

Looking For Reasons Not To Like

Uerkwitz highlighted how investors have such high expectations with Apple compared to other companies, saying, "Investors are looking for reasons not to like the stock. And if you go back, I have a chart in my report where it shows that Apple has outperformed what I think are the four other big tech stock names."

"Over the last five months, you had Amazon two big pops, Netflix two big pops, Facebook [...] working, Google had a big pop... Talk about the positive news out of those guys and Apple has kind of this the bar so high that if they just barely miss, us, you and investors in general start to look for things not to like," Uerkwitz concluded.