Is The Pullback In Apple's Stock A Buying Opportunity?

Apple Inc AAPL is trading lower Wednesday on reports the company may cut iPhone production by 10 million units as a result of supply chain constraints caused by the chip shortage.

Farr, Miller & Washington's Michael Farr isn't worried about short-term supply chain issues; rather, he would add to his Apple position amid the stock's recent weakness.

See Also: Why Apple Shares Are Falling Today

Farr acknowledged he thinks the supply chain constraints will have a short-term impact on Apple, but "I don't think this demand for new iPhones gets destroyed."

"I don't know what Apple is going to do this quarter, right, but over the next few years, we see Apple growing earnings in the low double digits—11% to 12% earnings growth," Farr said Wednesday on CNBC's "Fast Money Halftime Report."

Farr said Apple is "a solid company with a huge cash position, liquidity and I think a great deal of visibility."

Apple should be a core name for long-term investors, he said.

AAPL Price Action: Apple has traded as high as $157.26 and as low as $107.32 over a 52-week period.

The stock was down 1.01% at $140.08 at time of publication.

Photo: courtesy of Apple.