• Wells Fargo Thinks AAPL's Bounce Back is Coming Soon

    If you're an avid investor or trader, congratulations if you're reading this. You're still alive -- no small feat given the heart attack-inducing market tumult that has ravaged global markets in recent days.

    With shares of AAPL now just about $100 per share, some $30 lower than recent all-time market highs, it comes as little surprise that several heavyweight investors and financial institutions are viewing Apple as a remarkable buying opportunity at these prices.

    Among those hopeful about an AAPL bounce back is a leading analyst at Wells Fargo.

    "Wells Fargo’s Maynard Um upgraded Apple to an Outperform rating from Market Perform with a valuation range of $125 to $135," 247 Wall Street reports. "The firm said that Apple’s correction is overdone, and while its concerns remain, the share price justifies a higher rating."

    Certainly going a long way to inspire this line of thinking were the comments made yesterday by Apple CEO Tim Cook, who asserted that China's ongoing economic woes won't impact Apple as some have feared (check out MMi's coverage of Cook's comments here).

    “I get updates on our performance in China every day, including this morning, and I can tell you that we have continued to experience strong growth for our business in China through July and August,” Cook told Cramer. “Obviously I can’t predict the future, but our performance so far this quarter is reassuring.”

    To read the full report and underlying reasoning by the Wells Fargo analyst for Apple's projected bounce-back, click here.

    Source: 247 Wall Street
    This article was originally published in forum thread: Wells Fargo Thinks AAPL's Bounce Back is Coming Soon started by Michael Essany View original post
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