“Weaker-than-expected iPhone sales through the 6s cycle and an expectation for continued softness through the 7 cycle has driven negative investor sentiment around Apple,” Pacific Crest Securities analysts Andy Hargreaves and Evan Wingren write via Barron’s.

“Apple stock now trades at 4.8 times enterprise value (EV)/earnings before interest, taxes, depreciation and amortization (Ebitda), which is at the low end of its historical range and at the bottom of the range for mega-cap tech stocks,” Hargreaves and Wingren write.

Leaked photo of back of Apple "iPhone 7"

Leaked photo of back of Apple “iPhone 7”

MacDailyNews Take: Not to mention, ridiculous.

“In contrast to the negative sentiment, we expect fiscal-third-quarter (ended June) results and fiscal-fourth-quarter (ending September) guidance to be largely in line with current consensus expectations, with the potential for modest upside in guidance,” Hargreaves and Wingren write. “This would likely serve as a relief to investors who are concerned about continued deterioration in the pace of iPhone sales through the iPhone 7 cycle and serve as a positive catalyst for the stock.”

Read more in the full article here.

MacDailyNews Take: Those are expecting “continued softness through the 7 cycle” are in for quite a surprise.