“Merrill Lynch‘s Scott Craig today waded into the debate over Apple‘s (AAPL) iPhone outlook following several estimate notes [Monday] from others on the Street both cutting estimates and defending the stock,” Tiernan Ray reports for Barron’s.

“Apple shares today are up $11.32, or 2.2%, at $530.15,” Ray reports. “Craig, reiterating a Buy rating on on the stock, and a $720 price target, writes that the ‘recent selloff on supply chain concerns’ is ‘overdone.'”

Ray reports, “Reports of cuts in component orders for the iPhone 5 are ‘inventory adjustment and not a sharp drop in end-demand,’ he argues.”

Read more in the full article here.

[Thanks to MacDailyNews Reader “Ellis D.” for the heads up.]

Related article:
Jim Cramer rips Citi analysts over Apple – December 19, 2012
Yeah, uh, about those so-called iPhone supply chain cuts: Never mind – December 18, 2012