“History has repeatedly taught us that the best time to buy Apple is when the bearish sentiment in the stock has reached the pinnacle of extreme pessimism. When every guest on CNBC is calling for the imminent demise of Apple, when every headline is making a case for why Apple has peaked, and when the stock continues to slide by over a 2% a day right in the face of a market rally, that’s when you know it’s time to buy,” Andy Zaky writes for Bullish Cross.
“At $630 a share, Apple’s stock has the potential to rally over 60% over the coming 12-month period. And that’s assuming Apple merely continues to trade at the same depressed valuation it has been trading at over the last several quarters now,” Zaky writes. “If Apple’s valuation were to somehow improve, we can see Apple reach $1000 a share much sooner than many expect – perhaps even as early as next July.”
Zaky writes, “Apple is very cheap at these levels and is getting very close to a final bottom. While it could very well rebound and then struggle a little after earnings, the fact of the matter is, Apple at $630 a share presents us with an extraordinary buying opportunity. The stock is headed straight for $1000 a share. Don’t get too caught up in bearish sentiment. It’s time to buy Apple.”
Read more in the full article here.
MacDailyNews Take: When has Zaky been wrong about an Apple price target?
[Thanks to MacDailyNews Reader “Alex S.” for the heads up.]