The shares of Cupertino, California-based Apple rose 4.1 percent to $549.17 at 10:19 a.m. in New York, and earlier touched $550 for the largest gain since May 21. The stock peaked at a record of $702.10 on Sept. 19.
“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,” Brian White, an analyst at Topeka Capital Markets, wrote in a research report today. He recommends buying the shares and has a 12-month price estimate of $1,111.
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