Apple at Cheapest Since 2000 Signals Buy to Gamco, Thornb
This article is for subscribers only.
The cheapest Apple Inc. shares in 12 years are encouraging some of the world’s biggest investors to bet that the stock will rebound after losing 33 percent of its value on concern about slowing profit growth.
The world’s largest company by market value is trading at a 29 percent discount to the Standard & Poor’s 500 Index, near the widest gap since December 2000, data compiled by Bloomberg show. While analysts have cut price targets by 21 percent since the stock peaked in September, the shares would rise 41 percent to $661 if investors valued the stock at the price-earnings ratio of the S&P 500, the data show.