Short Hills Capital's Steve Weiss has been bullish on Volkswagen AG (OTC:VWAGY) for quite some time.
Amid the potential Porsche Automobil Holding SE (OTC:POAHY) spin-off and rumored collaboration with Apple Inc (NASDAQ:AAPL), Weiss thinks the German automobile manufacturer's stock presents one of the best buying opportunities in the market.
"Volkswagen, look, that's [trading at] four times earnings. It's ridiculous," Weiss said Friday on CNBC's "Fast Money Halftime Report."
The stock has been beaten down with the rest of the German market, he explained. Automobile stocks, in general, have faced selling pressure as of late.
"A new story came out that they're actually talking to Apple about what they can do together," Weiss said, "Can you imagine that?"
He suggested Volkswagen shares would trade significantly higher if the company ends up partnering with Apple.
On top of that, investors are yet to reward the company for its potential spin-off of Porsche, he said: "Which, to me, unlocks tremendous, tremendous value."
"So I think this is one of the cheapest stocks trading in the market."
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VWAGY Price Action: Volkswagen has traded between $19.67 and $48.72 over a 52-week period.
The stock was down 0.14% at $24.33 at time of publication.
Photo: courtesy of Volkswagen.
