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Shares of Apple (NASDAQ:AAPL) are on the rise on Friday for the first time in four days after several analysts released positive assessments about the future of the company. Apple was up more than 3 percent at $553.97 on Friday afternoon in New York.
The NASDAQ saw a 0.7 percent gain thanks in part to Apple and fellow tech representatives Amazon.com (NASDAQ:AMZN) and Google (NASDAQ:GOOG), which were also up. The S&P 500 rose 0.5 percent to regain its 200-day line and the Dow Jones industrial average climbed 0.3 percent.
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On Thursday, Apple shares were down almost 24 percent from the all-time high of $702.10 reached on September 19 on the buzz of the release of the iPhone 5. While there was early news of rapid sales of the new smartphone, Apple and its cellular partners as well as external retailers soon began reporting supply shortfalls. Those concerns have persisted and worries have, in fact, been added to by a report that the iPad is losing market share. Matters worsened after a report that the planned departure of iOS chief Scott Forstall was prompted by a disagreement over the company’s maps apology.
On Friday, Piper Jaffray’s Gene Munster wrote in a research report that checks with several Apple Stores as well as at Verizon (NYSE:VZ) and AT&T (NYSE:T) had led him to believe that supplies of the iPhone 5 were back up. He also reiterated his projection of total iPhone sales of 45 million in the quarter.
Several analysts also reiterated their respective buy ratings on the stock and refused to bring down price targets. Topeka Capital’s analyst Brian White, with a $1,111 price target, said the current trend simply represented a temporary correction.
“Similar to other corrections in Apple’s stock, the fears in the back of investors’ minds come to the forefront and the bear stories gain credence,” White wrote in a note to clients on Thursday. “We have heard it before, we’re hearing it now and we expect to hear it again in the future. However, these concerns have proven dead wrong over the years and based on the product lineup at Apple, we believe they will be dead wrong in the foreseeable future.”
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