“Apple Inc. (AAPL) advanced the most in almost seven months as analysts said a two-month stock slide is unjustified given brisk demand for the iPhone and iPad,” Adam Satariano reports for Bloomberg.
“Apple, which overhauled most of its entire product line-up ahead of the holiday shopping season, had lost about one fourth of its stock market value through Nov. 16, since hitting a record of $702.10 on Sept. 19,” Satariano reports. “Demand for its products remains strong and the stock slide is unfounded, Brian White, an analyst at Topeka Capital Markets, wrote in a research report today. ‘The sell-off in Apple’s stock over the past eight weeks has gotten to the point of being ‘insanely insane’ given the depressed valuation, new blockbuster products for the holiday season, the attractive long-term growth opportunities that lie ahead and the company’s ability to distribute significant cash flow to investors,’ White said. He recommends buying the shares and has a 12-month price estimate of $1,111.”
Satariano reports, “Of 62 analysts surveyed by Bloomberg, only two recommend selling the shares. The average 12-month target price is $766.60.”
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