“Shares have come under pressure recently, as investors turned negative on the iPhone super-cycle, and the broader market force turned negative, dragging the stock lower,” Kramer writes. “But despite the recent declines, Apple is showing that it could be putting in a trading bottom, and may be set to rise over the coming weeks.”
“Market volatility has been intense over the past couple of trading sessions, with the S&P 500 falling by over 4% since January 18. But, Apple has fared even worse, falling by nearly 9%, and by roughly 13% at its lowest point during the same time. However, the technicals are suggesting it reached oversold levels,” Kramer writes. “Even from a fundamental standpoint Apple now has a one-year forward price-to-earnings ratio of 12.4, which given the stock has roughly 14% year-over-year earnings growth, makes the shares of the stock relatively cheap — given the stock has a PEG ratio of less than 1.”
Read more in the full article here.
MacDailyNews Note: In premarket trading this morning, AAPL is up slightly 0.60% to $160.50 per share.
[Thanks to MacDailyNews Reader “David E.” for the heads up.]