White declares Apple's valuation (just 9x his calendar 2014 EPS estimate exc. cash) "remains depressed," and predicts "new product innovations" will help it return to growth after posting its first EPS declines in a decade. He also expects Apple, which opposes Carl Icahn's buyback proposal but says it's still weighing cash-return options, to return more cash to shareholders in 2014.
White has respectively named machine data analytics software vendor Splunk (SPLK +4.7%) and analytics/data visualization software firm Tableau (DATA) his top IT software and emerging tech picks. Both fast-growing/richly-valued names are expected to benefit from big data-related momentum.
Juniper (JNPR +0.2%) is named White's top contrarian pick. He likes the networking/security hardware vendor's valuation (11.3x his 2014 EPS estimate exc. cash), improving cost structure, and new product launches, and the potential for "shareholder-enhancing activities." Juniper doesn't currently pay a dividend, and has nearly $3B in net cash/investments to finance new buybacks.
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