Even though it's been on a run lately, it still may not be too late to get in on Apple (NASDAQ:AAPL), according to Morgan Stanley analyst Katy Huberty. Her research shows that institutional interest and ownership of Apple remains very low relative to historical levels as well as Apple's weight in the S&P 500. Other tech giants command much higher ownership than the Mac maker.

There's been a rotation within Tech away from growth toward value-oriented names, but some of that money might be coming back to Apple once its product cycle picks back up. Piper Jaffray's Gene Munster also shows iPhone demand waning recently, which is actually good news for Apple because it implies delaying purchases until the new models are released.

With WWDC 2014 just around the corner, investors could very well see some catalysts materialize. Even if there are no major hardware announcements, Apple could end up dropping hints about a payment service in the form of APIs for developers to tap into.

In this segment of Tech Teardown, Erin Kennedy discusses Apple with Evan Niu, CFA, our tech and telecom bureau chief.

(Relevant segment begins at 15:15)

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Erin Kennedy owns shares of Apple. Evan Niu, CFA owns shares of Apple. Evan Niu, CFA has the following options: long January 2015 $460 calls on Apple and short January 2015 $480 calls on Apple. The Motley Fool recommends Apple. The Motley Fool owns shares of Apple and Microsoft. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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