“After taking a hit as part of the large-cap tech sell-off that swept Wall Street earlier this month, Apple’s stock seems to have found some traction,” Nate Pile writes.
The editor of Nate’s Notes explains, “the stock was long overdue for some serious profit-taking, but as painful as the tumble was, I believe that it has helped set the stage for future advances in the stock.”
Pile compares Apple’s fourth quarter 2007 and 2006 earnings numbers — Apple reported revenues of $6.22 billion, and net income of $904 million, or $1.01 per share, as compared to revenues of $4.84 billion and net income of $542 million, or $0.62 per share, in the same period a year ago.
Pile writes, “I continue to believe Apple should among the three largest positions in your portfolio. AAPL is considered a strong buy under $150 and a buy under $175.”
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