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Apple's stock price has surged nearly 6 percent
today following extremely bullish comments from Topeka's Brian White.
White feels that the recent drop off in Apple's stock price has little
to do with the fundamentals of the company and that the stock is ready
for significant growth.
Update: Apple ended the day up $38/share, or more than 7 percent, closing at $565.
In
our view, 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 (CY13 P/E of 7.6x ex-cash), 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. Those investors that have missed Apple or have been
under-weight the stock, now have another opportunity to buy Apple before
sentiment takes a turn for the positive during what has historically
been the strongest quarter of the year for the stock.
Apple's stock price broke through the $700 barrier for the first time back in September but had been on a significant slide since then. Update: Apple ended the day up $38/share, or more than 7 percent, closing at $565.
