Oppenheimer: Apple's Stock Is Ready To Jump Back To $620
Apple's stock has been getting killed lately.
But, enough's enough, says Oppenheimer analysts Ittai Kidron and George Iwanyc in a note this morning.
They're calling for the stock to bounce back to $620 in the near term. (Long term, they have an $800 price target.)
Why are they calling for the stock to come back? Mostly just because: "We believe Apple's competitive position is unchanged and see it better position with a refreshed portfolio across all key segments heading into 2013. We see good potential for a rebound as iPhone/ iPad demand holds up. Buy on weakness."
There's a lot of fear, and unknowns with Apple right now. Can it make enough iPhone 5s? How will the iPad Mini affect overall sales? How will it affect margins? What's up with the executive shake up?
But, Kidron and Iwanyc think the fundamental story about Apple is that it is the industry leader, and it just produced its strongest line up of products ever. Demand for those products is strong, so the stock should go up.
The stock is up ever so slightly in pre-market trading this morning.
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