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Garnry: China takes a bite out of Apple but stock remains a core pick

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Apple's latest results have impressed analysts with iphone sales up 22%, 48.05 million iphones were sold in the firm's Q4. Other highlights include a 61% rise in sales of 'other' products which covers Apple TV, Watch and Beats products. 

Saxo Bank's Head of Equity Strategy Peter Garnry has been looking through the tech giant's results in detail and give us his takes on the stock price and valuation. The shares are trading at a P/E of around 8.5 times, which is 'ridiculously' low according to Peter. Apple remains a core pick for Saxo Bank with Q1 revenue projections of USD 75.5 - 77.1 billion.