Here’s his reasoning:
- The best time to buy Apple has historically been when analysts are bearish about it.
- Apple is aggressively selling every iPhone 5 it makes.
- IDC and Gartner estimate Apple will sell between 160 million to 180 million iPhones in 2013.
- Apple’s price-to-earnings ratio has stablized over the last six quarters, hovering around a level of 15. Zaky says that level “seems to be Apple’s centre of gravity.”
- It’s likely that Apple’s shares are oversold, so there’s a lot of money that could be put back into the stock.
Zaky believes $615 is a floor for Apple stock, and that it will hit $1,000 next year.
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