They're already calling it a "comeback."
On Monday, shares of AAPL climbed more than $30 as the world's most profitable company saw an end (at least for now) to the non-stop selling that shaved off better than 20% of AAPL's value in the last two months. But during recent days, a number of prominent stock analysts have come forward to argue that AAPL has become grossly undervalued.
Brian White, an analyst at Topeka Capital Markets, said the selling should be over for now.
“The sell-off in Apple’s stock over the past eight weeks has gotten to the point of being ‘insanely insane’ given the depressed valuation, new blockbuster products for the holiday season, the attractive long-term growth opportunities that lie ahead and the company’s ability to distribute significant cash flow to investors,” White says.
White's 12-month price estimate for AAPL remains $1,111. According to Bloomberg's survey of 62 analysts, 60 now recommend buying shares. The average 12-month target price is $766.60.
Source: Bloomberg
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