Apple Stock up 5% After Investor Calls Sell-Off "Completely Insane"
By Todd Haselton | +
Apple’s stock price jumped to more than $700 per share back in September, but it’s currently trading at $553 per share today, after falling to a six-month low last week. At least one analyst thinks now is a great time to own a bit of Apple.
“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,” Topeka analyst Brian White siad in a note Monday. “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 currently trading up 4.89 percent.
[via Business Insider]
