Is the New iPad Pro a Game Changer?

I joined CNBC Asia last night to chat about Apple’s (AAPL) new iPad Pro.

I should start by pointing out that I am an Apple bull and long the stock myself and in client accounts. That said, I’m realistic, and I don’t see the iPad Pro amounting to much. It might peel away a few would-be Microsoft (MSFT) Surface tablets or a few Mac laptops. But tablets — even high-powered ones — are simply not the game changer Tim Cook seems to think they are.

Apple is not the growth dynamo it once was. But then, it’s not priced like one either. Apple trades at a deep discount to the broad market, which is something I consider ludicrous. In a broadly overpriced market, Apple is an attractive value play.

Charles Lewis Sizemore, CFA, is chief investment officer of the investment firm Sizemore Capital Management and the author of the Sizemore Insights blog.

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