Brakes appear to have finally been put on the free-falling stock wagon of Apple (NASDAQ:AAPL). The company’s stock ended Wednesday with a big rally of 4.15 percent at $506.09, but had dipped to precarious sub-$500 levels earlier in the week. The prevalent negativity of the last few days may have turned many believers away, but Topeka Capital Markets’ Brian White, arguably the biggest Apple bull on the Street, has stuck to his ultra-positive outlook for the iPhone maker.
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In a new research report sent out to investors, White said he saw several positive indicators for Apple in the near- and long-term future and reiterated his aggressive price target of $1,111. That prediction is more than double Apple’s current stock price.
“Our top large-cap stock pick in the IT Hardware & Networking group for 2013 is Apple,” he wrote. “The negative sentiment around the stock has reached epic levels that we haven’t seen in recent memory and yet we believe the product portfolio has never been stronger. In August 2011, Steve Jobs indicated that ‘Apple’s brightest and most innovative days are ahead of it’ and we agree. As such, we believe the risk-reward around Apple remains extremely attractive and the stock is now trading at just 6.8x (ex-cash) our calendar year 2013 EPS estimate.”