Tags: Apple | Stock | shares | price

Apple Shares Soar as Topeka Analyst Calls Stock Undervalued

Monday, 19 Nov 2012 12:20 PM

 

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Apple's stock surged 7.2 percent Monday, with one analyst calling a recent sell-off in shares of the iPhone and iPad maker "insanely insane."

Shares of Apple Inc. rose $38.05 to $565.73. Even with the gain, the stock is down about 20 percent from the record high of $705.10 that it hit in September.

Topeka Capital Markets analyst Brian White says the sell-off in the past eight weeks is overdone. He cites new "blockbuster" products for the holiday season — including the iPad Mini — as reasons for buying the stock.

Monday's increase was the biggest one-day gain since May 21, when the stock closed up 5.8 percent at $561.30.

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