“As Apple’s stock price continues its roller coaster ride after topping $600 earlier this year, one industry watcher believes the stock is currently in the bargain bin,” Zach Epstein reports for BGR.
“Apple can already lay claim to the most profitable quarter in history among technology companies, and Topeka Capital Markets analyst Brian White on Monday wrote in a note to clients that Apple is currently on track to record the most profitable year ever among publicly traded companies,” Epstein reports. “‘In CY12, we believe Apple is poised to generate the highest annual net income of any publicly traded company ever,’ White wrote. ‘On average, we estimate Apple’s net income in CY12 will be over 6x higher than the three tech companies on an individual basis (when at a $500 billion market cap) or 1.9x the aggregate profit of these three companies combined. When including all five companies, we estimate Apple’s net income in CY12 will be 4x higher than the average.'”
Epstein reports, “White reiterated a Buy rating on Apple stock with a price target of $1,111.”
Read more in the full article here.