Gundlach: Apple (AAPL) is 'Its Own Asset Class'

Apple (Nasdaq: AAPL) is positive Wednesday morning amid positive commentary from Double Line's Jeffrey Gundlach.

With Gundlach's latest webcast, the bond sage said Apple is in a world of its own, that it is uncorrelated with the rest of the stock market, and is essentially its own asset class.

Gundlach doesn't see Apple with too much more upside, thinking shares are rich now and the stock might go to $600. He did note that the name was one to own as a dividend investment.

Apple shares are up 1.2 percent in early trading. With a target of $600, that would be upside of nearly 10 percent from Tuesday's close at $546.39.

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