Apple’s stock on Monday continued to reverse trajectory of its previous downward slop by 7.2% or $38.05 a share.
Apple shares rose to $565.37 Monday as its stock recovered. The company is still down approximately 20% from a 52-week high of $705.07. Last Friday it looked like it might drop below $500. At the time it was trading around $508.
Before the sharp decline, the stock had been driven up by the launch of the iPhone 5 and iPad Mini. Such sustained growth couldn’t continue. Now the market seems to readjusting the price after the product launches inflated the stock. Analysts say the sell-off was overdone.
Topeka Capital Markets analyst Brian White wrote to clients, “blockbuster products for the holiday season and attractive long-term growth opportunities” are poised to deliver significant cash flow to investors. Topeka has a price target of $1,111 for Apple’s stock.