Piper Jaffray’s Munster: Now is a Good Opportunity to Own Apple

Despite a lackluster reaction from investors over Apple’s (NASDAQ:AAPL) newly unveiled products, Piper Jaffray Analyst Gene Munster says Apple did “exactly what they needed to do” at their event in San Francisco Wednesday.

During an interview on FOX Business Network's Mornings with Maria Munster said: “while it didn’t have the big wow-factor yesterday, from an investor standpoint, they should feel good about what this means for the iPhone numbers for the next year.”

Munster added that the small incremental changes to the product line will appeal to consumers

“It’s [3D Touch] a different way to interface with your phone… so it is going to have an appeal. The other big part about yesterday was taking the 6 and 6 Plus and moving it down in price. That’s a big deal for a lot of consumers,” he said. For example, the iPhone 6S/16GB will start at $199.

He believes the next big thing for Apple is in virtual reality.

“It’s about 5 years away before they need to figure out the next big thing around the phone -- and that’s going to be augmented in virtual reality,” he said. Munster said Apple stock is a buy. “We believe that market share gains are going to have meaningful impacts to the numbers and now is a good opportunity to own Apple.”

Apple shares are little changed this year.