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Apple (NASDAQ:AAPL) shares saw another slow day on Wednesday, falling 1.38 percent to $513 to continue their downward tumble since reaching a record high in September, but not everyone is dooming the stock. Financial data firm Morningstar has included the iPhone maker in its list of Top-30 stocks for 2013.
According to Barron’s, the Morningstar list is made up of stocks with competitive advantages as well as those that can be considered cheap valuations. Apple is joined by and Rio Tinto (NYSE:RIO) in the first group, while Brazil’s Banco Santander Brasil (NYSE:BSBR) and Indian IT firm Wipro (NYSE:WIT) fall in the second. The analysis predicts that Banco Santander, which closed at $7.26 on Wednesday, will benefit from Brazil’s demographics and the bank’s presence throughout Latin America. Wipro’s management, meanwhile, has done a “good job” to position itself as a top-tier IT company and that fact will be helpful.
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Overall, the report adds, “market volatility will be a way of life in 2013” with problems persisting around the world. “Europe continues to work on solving its debt problems, China’s growth remains closely scrutinized, and the U.S. grows in fits and starts,” the report says. “In this environment, we think stock-picking will make a comeback, and investors focusing on specific stock opportunities will do well given this backdrop.”
Talking specifically about technology, the report calls the sector undervalued, or at 86 percent of fair value. While Apple’s recent fall — it has dropped almost 27 percent since closing at $702.10 on September 19 — has been significant, the report expects the iPhone maker to get past its challenges soon.
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