AAPL Called a 'Great' Buy After Recent Dip
Within days of Apple unveiling its long-awaited 6th generation iPhone, shares of AAPL spiked to a record $702.1 on September 19th. Since that time, however, shares have dipped substantially to the tun of $70 lower.
In response to the sustained pullback in the last two weeks, a number of Wall Street analysts are coming forward to hype this purportedly very attractive buying opportunity for investors. On Tuesday, for example, analyst Shaw Wu with Sterne Agee told investors that a recent wave of unkind headlines have helped to batter Apple stock, perhaps to an exaggerated degree.
As a result, Wu thinks AAPL is a great buy today and that the upside potential is still very, very strong. "From our latest supply chain work, we have not picked up a drop-off in demand and production appears to be improving with the bottleneck moving from components (like the in-cell touchscreen) to the assembly of the iPhone 5 itself," Wu said.
Brian White of Topeka Capital Markets is another leading analyst who remains optimistic about Apple. "The iPhone 5," he said this week, "has only ramped in 31 countries but Apple has previously discussed a target of 100 countries by year end. Thus the iPhone 4 and iPhone 4S are still selling in these other countries."
A number of Wall Street watchers and tech stock enthusiasts maintain that AAPL could reach $800 or significantly higher before the end of the year.