Apple Inc. (NASDAQ:AAPL) stock has been hitting the skids over the last month since achieving its all-time high of $705 per share, actually losing about 13 percent of its value despite the launch of the iPhone 5 and the impending reveal of the iPad Mini this week. Much of the slide is being blamed on tempered sales results based on expectations, primarily due to some bottlenecks in the supply chain that have slowed the production of the devices.
Goldman Sachs is fed up with all the selling, and says so in a recent research note about Apple Inc. (NASDAQ:AAPL). Goldman essentially stated that the fundamentals about the company are still strong and there is a bit too much selling in recent weeks, and that the stock price is now a good buy for investors – like billionaire fund manger David Tepper of Appaloosa Management LP.
Goldman analyst Bill Shope wrote in his note that he expects Apple Inc. (NASDAQ:AAPL) stock should have a big rally by the end of the calendar year, and that the stock is only being “squeezed” because of the supply-chain issues that have affected the supply of iPhone 5 devices. Shope wrote, “We continue to believe the best time to buy Apple’s stock is amid periods of supply-centric concerns, and this time is no different.”
Shope described Apple Inc. (NASDAQ:AAPL) stock as “oversold.”
Apple Inc. (NASDAQ:AAPL), Shope wrote, is expected to rectify its production issues and increase production numbers to better meet demand in the current quarter, which he says should result in a big sales number for the holiday shopping season.