“Wall Street is aflutter with talk of Apple,” Teresa Rivas writes for Barron’s. “As analysts rush to defend or denounce the stock, chatter about the tech giant is almost as ubiquitous as its products. Yet we think the smart investor is buying, not talking.”

“‘I don’t think it’s a question of if, but when and where you buy Apple,’ says Mark Spellman, portfolio manager of the Value Line Income & Growth Fund, who sees the stock as attractive now,” Rivas writes. “‘This is a really good risk-return profile,’ he says, noting that slowing earnings aren’t as much of a concern for him, given that the shares already trade so cheaply: ‘You’re paying a very attractive price for the products you know, and paying nothing for what could be: you’re not paying anything for innovation.'”

Rivas writes, “Trading at less than nine times forward earnings, Apple looks too cheap for a company with a long-term growth rate around 20%, especially as the dividend now stands just shy of 2.1%. So we think investors should see today’s decline as an opportunity.”

MacDailyNews Note: After dipping below $500 in pre-market trading today, AAPL has since recovered and is currently up $4.47 (+0.88%) to $514.26.

Read more in the full article here.