Disney Boss Buying AAPL in Bulk
The chief executive of Disney apparently thinks investors were "goofy" - pun intended - for selling so much Apple stock lately. With shares of the Mac maker down close to 20% from it's all time high in September just north of $700, Bob Iger is stepping in to buy some discounted AAPL.
The chief executive of Disney (not to mention a member of Apple's board of directors) has invested a cool $1 million in shares of Apple. The move comes as a key indication to the investment world that one of entertainment's top - and wealthiest - players hasn't lost faith in Apple.
As MMi reported
Monday, a growing number of Wall Street analysts now think the selling pressure on Apple will subside. In particular, Brian White, an analyst at Topeka Capital Markets, thinks a tremendous buying opportunity has entered into the picture.
“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 said at the time.
White's 12-month price estimate for AAPL remains pegged at $1,111.
Source: Business Insider