Since reaching an all-time high of better $700 per share in September, AAPL has fallen better than 20% as investors quickly and consistently dump stock in the world’s most profitable company.
But selling may be replaced with buying in the coming days as Monday trading lit a fire beneath AAPL to a degree we haven’t seen in quite some time.
“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,” says Brian White, an analyst at Topeka Capital Markets.
White maintains a 12-month price estimate for AAPL at $1,111.
Based on Bloomberg’s latest survey of 62 analysts, White is in good company among his peers on the subject of AAPL investor optimism. 60 of 62 surveyed analysts now recommend buying shares.
The average 12-month target price is $766.60.