“Apple may have become less exciting as a company and more range bound as a stock, but the current valuation suggests that its diminished prospects are fully priced in, Weeden & Co analyst Michael Purves said,” Aabha Rathee reports for Wall St. Cheat Sheet.
“In short, the company’s share price, which has succumbed to gravity over the past few months, was on it way up,” Rathee reports. “Purves suggested a 14 percent move up to $520 by April 20.”
Rathee reports, “[Purves said that] Apple’s forward P/E ratio was at six-year lows and adjusted for its sizeable cash balance, the stock was trading less than seven times 2013 earnings. In this scenario and at the current level, it would soon start attracting value investors. Apple closed on Wednesday at $456.83.”
Read more in the full article here.
[Thanks to MacDailyNews Reader “David E.” for the heads up.]