Despite AAPL now trailing its all-time high price by nearly $160, Apple will recover from its current levels and gain traction as 2013 progresses. That expectation is leading some Wall Street watchers to call Apple the top tech pick for 2013.
According to prominent analyst Brian White of Topeka Capital Markets, Apple is definitely one to watch for the year ahead. Blaming recent stock dips on tax-related matters and general market malaise, White is among a growing list of analysts who expect big things from AAPL in 2013.
“We believe tax-related selling was largely to blame for the downward bias in the stock price as we exited 2012 and this created a negative news cycle around Apple that we believe will be broken as we enter 2013."
White, however, is quick to temper his overall optimism for the entire tech sector.
"For 2013," he says, "we are taking a similar approach to our tech universe, avoiding the more cyclical tech names for the most part and focusing on companies best positioned to benefit from key secular tech trends that we believe are in place this year."