Jim Cramer’s 10 Stock Picks Heading Into June

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1. Apple Inc (NASDAQ:AAPL)

Number of Hedge Fund Investors: 150

A caller highlighted in Jim Cramer’s latest show that Apple Inc (NASDAQ:AAPL) stock recently shot up after latest data from China showed a rebound in iPhone sales. Data from the China Academy of Information and Communications Technology (CAICT) shows that iPhone shipments in April surged 52% to 3.489 million units, driven by discounts Apple Inc (NASDAQ:AAPL) is offering to lure back customers. Cramer said the stock jumped on the news but pared back gains. Cramer thinks Apple Inc (NASDAQ:AAPL) “is a buy here” and reiterated his age-old mantra:

“I want you to own it, not trade it.”

Investors are also looking over their shoulders for any major AI announcement by Apple Inc (NASDAQ:AAPL), especially during the upcoming Developers Conference. Bank of America recently reiterated an Outperform rating on Apple Inc (NASDAQ:AAPL). BofA’s Wamsi Mohan, who has a $230 price target on Apple Inc (NASDAQ:AAPL), is expecting AI-phone related announcements in the Developers Conference.

Hedge fund sentiment around Apple Inc (NASDAQ:AAPL) shot up in the first quarter, with 150 hedge funds ending the period with Apple Inc (NASDAQ:AAPL) shares in their portfolios, up from 131 funds in the previous quarter.

Aristotle Atlantic Focus Growth Strategy stated the following regarding Apple Inc. (NASDAQ:AAPL) in its first quarter 2024 investor letter:

“Apple Inc. (NASDAQ:AAPL) contributed to portfolio performance in the first quarter due to the strategy’s underweight relative to the benchmark. Investors continue to be concerned about weak handset sales globally, as well as declining market share and competitive dynamics in the Chinese market, as Huawei has returned to the market with a more competitive premium-priced handset. Apple has yet to demonstrate a competitive AI product, which could present further competitive headwinds for the company.”

If you are looking for an AI stock that is as promising as Microsoft but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: Michael Burry Is Selling These Stocks and Jim Cramer is Recommending These Stocks.

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