Josh Brown On Apple: A 'Miraculous Company'

Apple Inc AAPL is a miraculous company and an unbelievable stock, Ritholtz Wealth Management CEO Josh Brown said Thursday on CNBC's "Fast Money Halftime Report."

Historically, Apple has been a stock in which investors have been "way better off not overthinking it," Brown said. 

Investors' share of earnings grows as the company continues to decrease its float, he emphasized. 

Brown told CNBC that he expects Apple to have the fourth highest buyback in the S&P 500 in 2021. Buybacks will continue to grow in the coming years because the company is generating "more cash than they know what to do with," he added.

Brown expects Apple to generate more than $110 billion in free cash flow and grow its earnings by over 50% in 2021. 

Apple should easily reach $150 per share in the near future, he said, adding: "Don't overthink it."

Analyst Assessment: Morgan Stanley analyst Katy Huberty maintained Apple with an Overweight rating and raised the price target from $161 to $162 earlier today.

Related Link: Where Apple Stands With Analysts

AAPL Price Action: Apple has traded as high as $145.09 and as low as $87.82 over a 52-week period.

At last check Thursday, the stock was down 0.28% at $133.32.