Apple stock is down 13.4% since it reached its all time high on September 21, and Goldman Sachs analyst Bill Shope thinks enough is enough.In a note he calls the stock “oversold,” and says he’s expecting a big bounce back to end the year. He believes the stock is getting squeezed because Apple doesn’t have enough iPhone 5s to sell to people.
He writes, “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 believes Apple will be able to increase production this quarter, thus meeting demand and therefore delivering a big holiday quarter.
Business Insider Emails & Alerts
Site highlights each day to your inbox.