5 Best Slow Growth Stocks To Buy According To Hedge Funds

2. Apple Inc (NASDAQ:AAPL)

Number of Hedge Fund Investors: 134

Citi recently said that Apple Inc (NASDAQ:AAPL) could outperform yet again in 2024. Citi is bullish on Apple Inc’s (NASDAQ:AAPL) services revenue growth, iPhone demand and a possible AI Phone and Vision Pro.

Citi maintained a Buy rating on the stock and set a $230 price target.

Hayden Capital made the following comment about Apple Inc. (NASDAQ:AAPL) in its third 2023 investor letter:

“Even Berkshire Hathaway’s most famous investment of the last decade – Apple Inc. (NASDAQ:AAPL) – was based on a similar set up. When Berkshire invested in 2016, Apple’s subscription revenues were just starting to cross ~10% of total revenues. Today, that figure is ~25%.

While operating income has grown +90% from 2016 to 2023, the valuation multiple itself has expanded by ~300%, from ~6x EV/EBIT to ~24x EV/EBIT today.

Investors have evolved their perception of Apple’s products – from that of a “fad” hardware company at risk of competition, to that of a “consumer staple”, a necessary part of a household’s budget…” (Click here to read the full text)